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Potential S$200m boost for NTUC fund to spur education and training
THE Labour Movement wants to inject up to S$200 million more into its Education and Training Fund to help working adults learn new skills, said Prime Minister Lee Hsien Loong at the May Day Rally on Sunday morning.
The National Trades Union Congress (NTUC) has a target to raise S$50 million to work with universities to support mid-career workers. The government has agreed to match that amount by three times, which would bring the final total to as much as S$200 million.
"It's an extension of what NTUC has been doing with the polytechnics and the Institute of Technical Education," said Mr Lee. "(Labour chief Chan) Chun Sing asked the government for support. I said yes, it's a good cause and we will support."
Investment income from the trust fund will be used to fund courses through fees subsidies aimed at helping NTUC members to upskill or reskill themselves.
The NTUC will start by partnering the Nanyang Technological University (NTU) for the first time to help advance the professional development of Singapore's workforce. The new venture aims to reach out to 30,000 people per year.