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The programme aims to support companies in various ways such as giving financial aid to local employees with little to no overseas market experience to gain exposure.
A new Overseas Markets Immersion Programme (OMIP) in Singapore is set to support companies in expanding into overseas markets.
Announced by Minister for Manpower Dr Tan See Leng on Friday (15 November 2024), the programme will be run by Workforce Singapore (WSG), partnering 17 trade associations and chambers including the Singapore Business Federation (SBF).
More than 100 companies with internationalisation plans and their local employees will stand to benefit from the OMIP, which comes as part of the Government’s commitment to build a more globally competitive workforce.
The OMIP will provide support to companies in various ways such as giving financial aid to local employees with little to no overseas market experience to gain exposure. Employees will be placed on overseas postings as they undergo on-the-job and in-market training to gain a deeper understanding of the diverse business operations.
Speaking at the launch, Minister Tan said the OMIP will fund up to 70% of workers’ salary, and monthly allowance will be given over nine months. To qualify for the programme, companies are to provide a fixed monthly salary of least S$4,000 for individuals on overseas posting and a detailed career development plan outlining progression over 24 months, along with quantifiable short-term KPIs to be achieved after training to be eligible for OMIP. Subsequently, eligible companies will undergo trainings planned by SBF and be granted financial support up to S$72,000 for each participant.
"For a start, WSG has set aside S$16mn so that up to 250 local employees can participate in the programme over two years," added Dr. Tan.
The launch of OMIP has been marked as a significant milestone to enable business expansion by building on the local workforce with experience to operate in complex international markets.
Lead image/ Tan See Leng Facebook
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