Businesses can get up to S$72,000 in salary support to send staff overseas under a new scheme.

BUSINESSES looking to expand overseas can receive up to S$72,000 in overseas salary and allowances for sending employees overseas, under a new Workforce Singapore program ( WSG).

Under the Overseas Market Immersion Program (OMIP), businesses can receive 70 percent salary support and overseas allowance, capped at S$5,000 and S$3,000 per month respectively, for a maximum of nine months for each eligible employee they send abroad. .

To qualify, companies must pay employees stationed overseas a fixed monthly salary of at least S$4,000, the WSG said in a statement released on Friday (Nov 15). They must also provide a detailed career development plan outlining progression over 24 months, as well as “quantifiable short-term KPIs (key performance indicators) to be achieved after training”.

More than 100 companies are expected to benefit from the new program. WSG has set aside S$16 million for the initial launch, meaning it can support up to 250 local employees who will be posted overseas for at least six months over a two-year period.

The Singapore Business Federation (SBF) has been appointed by WSG as the first partner of the OMIP program and will work with businesses to explore internationalization opportunities. It will also work with companies to develop training plans for employees they want to send overseas.

Eligible individuals can expect overseas positions in roles such as global and regional sales and marketing, regional business development, market analysis and franchise operations, WSG said.

They will undergo on-the-job training to “gain a deeper understanding of companies’ diverse operating environments,” he adds.

Employees can also expect to benefit from networking opportunities with international counterparts, where they can learn about the foreign market’s culture and business practices.

WSG Managing Director Dilys Boey said: “The launch of OMIP marks an important milestone in WSG’s efforts to enable the expansion of overseas business activities, strengthening our local workforce with the experience necessary to operate in complex foreign markets.

She added: “By immersing our talents in various overseas markets, we aim to empower individuals to take charge of their professional health and seize new growth opportunities overseas,” she added.

Kok Ping Soon, Managing Director of SBF, said: “Establishing overseas operations is a complex undertaking that requires careful planning, risk management, good knowledge of markets, as well as a strong focus on human capital, which is probably the most critical asset of a business abroad. operation.”

As more companies want to expand overseas, the chamber of commerce hopes that Singapore businesses will understand the usefulness of OMIP, he said.