[SINGAPORE] Companies wanting to send employees overseas for experience will be able to access government assistance through a newly established Workforce Singapore (WSG) scheme.
On Friday (November 15), Minister for Manpower Tan See Leng announced the commencement of the Overseas Markets Immersion Programme. The plan was first announced in March during the Ministry of Manpower's Committee of Supply deliberations, with the promise that specifics will be published later in the year.
The launch of this programme comes at a crucial time for Singapore's economy, as businesses seek to expand their global footprint and remain competitive in an increasingly interconnected world. Dr. Tan emphasized the importance of international exposure, stating, "In today's global economy, having employees with firsthand experience in overseas markets is no longer a luxury, but a necessity for many Singapore-based companies."
Firms can collect 70% of a deployed employee's salary and 70% of their foreign allowance through the initiative for up to nine months. This will be capped at S$5,000 (US$3,700) and S$3,000, respectively.
"In total, companies can receive up to S$72,000 for each eligible individual that they send for an overseas posting," WSG and the Singapore Business Federation (SBF) stated in a news release on Friday.
To be eligible for the initiative, companies must be registered or incorporated in Singapore. They must also pay a fixed monthly salary of at least S$4,000 to individuals they transfer outside.
A complete professional development plan defining growth over 24 months, as well as quantifiable short-term key performance indicators to be met following training, must also be created.
This structured approach to employee development has been praised by industry experts. Ms. Sarah Tan, a human resources consultant, commented, "The requirement for a comprehensive development plan ensures that both the company and the employee have clear objectives for the overseas posting. This alignment is crucial for maximizing the benefits of international exposure."
SBF, which was named the program's inaugural partner, will collaborate with participating firms to establish training plans. According to the statement, WSG has put aside S$16 million for the programme's inaugural run.
"This will enable local companies to send up to 250 local employees to participate in (the programme) over a period of two years, where they will take on overseas (postings) for at least six months," said WSG and SBF.
The program ensures that "companies will receive generous support to send their Singaporean employees with little or no overseas market experience abroad to gain such exposure and experience" , Dr. Tan added.
The initiative has been met with enthusiasm from various sectors of the Singapore business community. Mr. John Lim, CEO of a local tech startup, shared his perspective: "For smaller companies like ours, this programme opens up opportunities we couldn't have afforded otherwise. It allows us to invest in our talent and explore new markets simultaneously, which is invaluable for our growth strategy."
On Friday, WSG and SBF announced that seventeen trade groups and chambers, including the Singapore Manufacturing Federation, had signed agreements in support of the plan.
"With the support of these partners, more than 100 companies with internationalisation plans, and their local employees, will stand to benefit from (the) Overseas Markets Immersion Programme," added the spokespersons.
As the programme rolls out, there is growing anticipation about its potential long-term impact on Singapore's workforce and economy. Economic analysts predict that this initiative could significantly enhance Singapore's competitiveness in the global market. Dr. Lisa Wong, an economist at the National University of Singapore, noted, "By cultivating a pool of internationally experienced professionals, Singapore is positioning itself as a hub for global talent. This could attract more multinational corporations and strengthen our position as a key player in the international business landscape."
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