Malaysia Gives SMEs RM30 Million To Upskill & Retrain Workers



Talent Corporation Malaysia (TalentCorp) has set aside RM30 million (US$6.33 million) for the Industry Training Matching Grant Initiative for Small and Medium Enterprises (LiKES). The goal of LiKES is to help small and medium-sized businesses (SMEs) and newly established Malaysian companies find organised and long-term industrial training placements.

Steven Sim, the Minister of Human Resources, said that this is what the Malaysian government plans to do. They will help startups and small businesses by giving them matching subsidies for industry training. Furthermore, it aims to involve more employers in growing the young talent pool in the country.

Sim stressed that LiKES and other TalentCorp schemes, such as the National Structured Industry Training Programme (MySIP), will improve job readiness and well-being by giving allowances during the training term. Also, industrial training for small and medium-sized companies (SMEs), which make up 97% of businesses in Malaysia and will provide 48.2% of the country’s jobs in 2022, will get better.

Related link: SMEs In The SEA Relied On Savings

Sim also stated that the Ministry of Human Resources’ (KESUMA) industrial training plan for employers will incorporate changes to the Industrial Training Scheme (ITS), which the Human Resources Development Corporation (HRD Corp) operates.

“Since January 2024, employers can use up to half of their levy balance for the interpretation year of the ITS.”

He also stated, “We have removed the monthly training allowance ceiling that each trainee could receive under the ITS scheme.”

The New Straits Times reported that they are still working on the National Industrial Training Policy. Employers will be told how to hire trainees through this policy, and different groups are discussing it.

They are likely to make the policy public in May 2024.

Small businesses and new businesses listed with the Companies Commission of Malaysia (SSM) can get the LiKES grant to pay for training that lasts up to six months.

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