Singapore to fund firms planning to send employees overseas

Organisations that plan to send employees abroad to gain international experience may be eligible for government funding thanks to a new initiative from Workforce Singapore (WSG).

WSG launched last week the new Overseas Market Immersion Programme (OMIP), a $16-million initiative that will enable Singaporean companies to send up to a total of 250 local employees over a period of two years.

Under the programme, OMIP will cover 70% of an employee's salary and 70% of their overseas allowance for up to nine months.

The salary support is capped at $5,000 per month, while the overseas allowance will be capped at $3,000 per month.

"In total, companies can receive up to $72,000 for each eligible individual that they send for an overseas posting," the government announcement stated.

Qualifying for the initiative

Dilys Boey, chief executive of WSG, said the programme demonstrates the organisation's commitment to developing a future-ready workforce.

"This initiative will provide individuals with the necessary in-market exposure to understand local market practices, foster cross-cultural competencies and expand professional networks overseas," she said in a statement.

"By immersing our talent in diverse overseas markets, we aim to empower individuals to take charge of their career health and seize new growth opportunities overseas, whilst reinforcing Singapore's position as a hub for globally minded talent."

To qualify for the programme, WSG said organisations must provide a fixed monthly salary of at least $4,000 for individuals on overseas posting.

Organisations should also provide a detailed career development plan that will outline the employee's progression over 24 months, including their quantifiable KPIs to be achieved after training.

Gaining overseas experience

The findings come amid a strong desire from organisations to venture overseas, according to the National Business Survey Singapore.

"To thrive globally, Singapore businesses have to stay nimble and adapt. Establishing overseas operations is a complex undertaking that requires careful planning, risk management, good knowledge of the markets as well as a strong focus on human capital, which is possibly the most critical asset in an overseas operation," said Kok Ping Soon, Chief Executive of Singapore Business Federation (SBF), in a statement.

The SBF has been appointed as the first OMIP programme partner and will work with companies to explore internationalisation opportunities.

The programme also sees the support of 17 trade associations and chambers, such as the Singapore Manufacturing Federation and the Singapore International Chamber of Commerce.

Foreign chambers in Singapore have previously cited local Singaporeans' lack of overseas experience as one of the top reasons why they aren't hiring them.