The National Trades Union Congress (NTUC) has raised S$25 million for its Education and Training Fund to help workers in Singapore upgrade their skills and pick up new ones. With the government matching every dollar raised with three dollars, this means the fund’s size has already reached S$100 million, or half its original target.
The constant upgrading of skills will be crucial to help workers deal with structural changes such as disruptive technologies.
Labour Chief Chan Chun Sing and NTUC President Mary Liew hosted an appreciation lunch for 70 individuals and organisations that have come on board to pledge their donations to the Fund.
Nine companies including CapitaLand, DBS Bank, Singapore Airlines, PSA Singapore and SingTel donated at least S$1 million each. While three bodies – the Singapore Maritime Officers’ Union, The Singapore Manual & Mercantile Workers’ Union and the Singapore Organisation of Seamen – gave between S$500,000 and below S$1 million.
Investment income from the Fund’s trust will be used to subsidise union members’ fees for over 3,200 training courses, capped at S$250 per member a year. The Fund will pay not only for course fee subsidies, but also to catalyse the supply side for new courses and development. These courses provide working professionals the opportunity to update their knowledge and acquire relevant skills without the need of pursuing a full degree.
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Source: The Business Times, 2 May 2017