Businesses and the Government both recognised the need to equip our workforce with digital skills, in order to raise productivity to remain competitive, and to develop new technological capabilities. This can be supported by way of incentives and redesigning existing Government schemes.
In our recent pre-budget poll, 61% of respondents indicated that incentives for hiring and retraining of displaced workers as one of their top three measures to encourage inclusive growth in the digital economy.
Our proposal for the Government to consider includes:
- Extending the scope of existing government schemes for businesses to re-skill and up-skill employees (e.g. extending current Workforce Development Agency schemes such as the WorkPro grants, or realigning the Wage Credit Scheme to incentivise the hiring and reskilling of displaced workers), and
- Providing enhanced tax deduction for companies which put in place comprehensive training programmes to re-skill or up-skill employees every 3 to 5 years as part of an inclusive employment initiative.
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