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Manpower Minister Josephine Teo introduced immediately (March three) that the federal government will arrange a brand new $36 million coaching assist scheme to assist freelancers and self-employed individuals (SEPs) upskill within the the following three months.
Underneath this scheme, all freelancers and SEPs will obtain a coaching allowance of $7.50 an hour after they attend SkillsFuture programs and chosen sector-specific coaching programmes.
There is no such thing as a restrict on how a lot coaching they’ll join.
“The speedy concern of all (freelancers) is the numerous drop in earnings as a consequence of the COVID-19 outbreak … Not solely will this scheme complement their revenue, it may well (additionally) assist them grow to be extra future-ready,” she stated in Parliament.
The Nationwide Trades Union Congress (NTUC) will likely be administering the scheme, and can announce software particulars quickly.
Moreover, Minister Teo stated those that get onboard the pilot Contribute As You Earn (CAYE) scheme may have their contributions matched greenback for greenback by the Authorities this 12 months, capped at $600.
Underneath the CAYE scheme, freelancers working immediately for the Authorities and public sector companies may have a portion of their charges channelled routinely to their Medisave accounts to avoid wasting for his or her healthcare wants.
In mild of COVID-19, extra freelancers are anticipated to qualify for the Workfare Revenue Complement (WIS) Scheme, which inspires lower-income employees to remain employed and strengthen their retirement adequacy, stated Mrs Teo.
The qualifying-income cap and most annual payouts each went up from January 2020, she added.
They will even obtain a further 20 per cent of their WIS fee for work completed in 2019, with a minimal fee of $100, which will likely be given in money.
Featured Picture Credit score: NTUC Studying Hub
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