Manpower Minister Josephine Teo introduced right now (March 3) 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 once 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 fast concern of all (freelancers) is the numerous drop in earnings resulting from the COVID-19 outbreak … Not solely will this scheme complement their earnings, it might probably (additionally) assist them develop into extra future-ready,” she mentioned in Parliament.

The Nationwide Trades Union Congress (NTUC) shall be administering the scheme, and can announce software particulars quickly.

Moreover, Minister Teo mentioned 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 instantly for the Authorities and public sector businesses may have a portion of their charges channelled mechanically to their Medisave accounts to save lots of for his or her healthcare wants.

In gentle of COVID-19, extra freelancers are anticipated to qualify for the Workfare Earnings Complement (WIS) Scheme, which inspires lower-income employees to remain employed and strengthen their retirement adequacy, mentioned Mrs Teo.

The qualifying-income cap and most annual payouts each went up from January 2020, she added.

They can even obtain a further 20 per cent of their WIS fee for work executed in 2019, with a minimal fee of $100, which shall be given in money.

Featured Picture Credit score: NTUC Studying Hub