Budget 2025 - Supporting Enterprises in Workforce Transformation
Budget 2025 reinforces the Government’s commitment to helping businesses transform while upgrading their workforce. New initiatives will simplify support schemes, provide greater funding, and develop Singaporean leaders for global roles.
- New SkillsFuture Workforce Development Grant
To streamline and enhance support, the SkillsFuture Workforce Development Grant will replace existing schemes. It offers up to 70% funding for job redesign activities, making it easier for companies to upgrade jobs and reskill employees.
- Redesigned SkillsFuture Enterprise Credit
The SkillsFuture Enterprise Credit is being revamped for greater accessibility. Instead of requiring upfront payments and reimbursements, it will function as an online wallet, allowing businesses to instantly offset costs. All companies with at least three resident employees will receive $10,000, starting in the second half of 2026, with the current scheme extended until then.
- Boosting NTUC’s Company Training Committees (CTCs)
Since 2019, NTUC has set up over 2,700 CTCs, mostly in SMEs, to drive workforce transformation. With an additional $200 million in funding, NTUC will expand its CTC grant, including support for employer-led training that leads to formal qualifications.
- How Companies Benefit: The SATS Example
SATS, Singapore’s leading air cargo handler, is upgrading operations with new technology and training workers for redesigned roles. It will tap on the new Workforce Development Grant (up to 90% reskilling funding, 70% job redesign support) and use the $10,000 Enterprise Credit. NTUC’s CTC grant will also help cover training costs for its Work-Study Diploma programme.
- Developing Singaporean Business Leaders
To build a strong leadership pipeline, the Government will expand overseas work and leadership training schemes. More Singaporeans will gain regional and global exposure, ensuring they stay competitive in leadership roles within multinational firms.
These measures encourage businesses to invest in their workforce while staying competitive in an evolving economy.
