Malta Enterprise Extends Skills Development Scheme

In a bid to catalyze skills enhancement and drive growth within Malta’s burgeoning business landscape, Malta Enterprise has announced the expansion of its Skills Development Scheme. This revitalized program, aimed at fortifying skills and empowering the business sector, was unveiled through a government statement that resonated with promise and potential.

Over the past two years, the Skills Development Scheme has already been a catalyst for over 100 beneficiaries, funneling a remarkable €5 million investment into the betterment of local businesses. This renewed impetus for business upliftment was inaugurated by none other than the dynamic duo of Minister for the Environment, Energy and Enterprise, Miriam Dalli, and the distinguished Malta Enterprise Chairperson, William Wait. The unveiling took place during a presentation led by the corporation’s visionary CEO, Kurt Farrugia, illuminating the extensive advantages of the scheme.

This revamped and reinvigorated scheme now casts a wider net of support, embracing up to 70% of training expenses, encompassing trainee wages within the training period itself. However, it’s not just limited to the stalwarts of the business world; the scheme opens its arms to both Small and Medium Enterprises (SMEs) as well as the formidable Large Undertakings. As a cornerstone of this support structure, a generous tax credit takes center stage, underpinned by the flexibility of potential cash grants.

The scope of this initiative has been thoughtfully broadened to encompass the panoramic landscape of skills enrichment. This scheme’s overarching ambition now lies in championing comprehensive training that unfurls the tapestry of employees’ expertise. The objective is crystal clear: to ensure that every new employee is not just a recruit but a reservoir of skills, brimming with knowledge primed for optimum performance. This recalibrated vision is rooted in the desire to sow the seeds of a knowledge-based workforce. The ultimate aspiration? To cultivate a culture that thrives on expertise and knowledge-driven practices.

With passion in her voice, Minister Miriam Dalli declared that this endeavor is nothing short of the government’s unwavering pledge to cultivate skills, nourish talent, and steer Malta’s economic trajectory toward uncharted growth. Speaking from the heart, she underscored the holistic nature of this venture, asserting that it’s not just an investment in businesses but a resounding endorsement of the workforce itself. By ushering in a culture of upskilling and reskilling, the government is laying the foundation for a growth trajectory that’s built to last.

“This scheme is not only an investment in businesses, but we are investing in the workforce. By upskilling and reskilling our workers, we are supporting sustainable growth. This investment in the quality of the country’s human resources also forms part of our drive to stimulate the digital and environmental transition towards a future-proof economy,” Minister Miriam Dalli expressed with conviction.

Echoing these sentiments, Malta Enterprise Chairman William Wait articulated, “We have expanded this scheme to a wider list of companies and are striving to make it easier to access and manage. In this renewed version, we are also focusing on enhancing communication skills, digital prowess, and instilling a sense of sustainability consciousness among employees. We wholeheartedly urge all SMEs and large enterprises to connect with Malta Enterprise to unravel the layers of this scheme and explore the boundless opportunities it offers.”

To take the helm of this transformative journey, companies must meet certain criteria. An active involvement in an eligible economic activity within the local landscape is a prerequisite, accompanied by official registration with the Malta Business Registry. However, the alignment of the company’s pursuits with the goals of the scheme is paramount. Furthermore, unwavering adherence to VAT, Income Tax, and Social Security regulations stands as an essential pillar of eligibility.

The visionary landscape of Malta’s business sector is set for an exciting trajectory as the Skills Development Scheme unfurls its wings with renewed vigor. This dynamic initiative, underpinned by the ethos of growth, knowledge, and empowerment, promises to shape a workforce that’s primed for excellence and a business environment that’s geared for innovation.

FAQs: Unleashing the Potential of Malta Enterprise's Skills Development Scheme

Who is eligible to benefit from the Skills Development Scheme?
To qualify, companies need to be actively engaged in eligible local economic activities and officially registered with the Malta Business Registry. It’s important that their activities align with the scheme’s objectives, and compliance with VAT, Income Tax, and Social Security regulations is mandatory.

What percentage of training expenses does the revamped scheme cover?
The revitalized scheme covers up to 70% of training expenses, inclusive of trainee wages during the training period. This financial boost aims to alleviate the burden on businesses and encourage them to invest in skills enhancement.

Is the scheme exclusive to specific types of businesses?
No, the scheme extends its support to a diverse spectrum of businesses. It’s open to both Small and Medium Enterprises (SMEs) as well as Large Undertakings, fostering inclusivity and growth across various sectors.

What form does the financial support take within the scheme?
The cornerstone of financial support is in the form of a tax credit, a flexible mechanism that eases the financial load on participating businesses. Additionally, cash grants can also be considered on a case-by-case basis.

What are the key goals of the revitalized Skills Development Scheme?
The revamped scheme aspires to achieve comprehensive training that enriches the expertise of employees. The overarching goal is to equip new employees with the skills and knowledge required for optimal performance, nurturing a knowledge-based workforce and fostering a culture driven by expertise and knowledge-driven practices.