GEORGE TOWN, July 22 — InvestPenang hopes the federal government will provide tax relief to parents of children that enrol in Science, Technology, Engineering, and Mathematics (STEM) as well as Technical and Vocational Education and Training (TVET) courses to create a sustainable talent pipeline in STEM areas.
Penang chief minister’s special investment advisor Datuk Seri Lee Kah Choon said human capital is crucial for economic growth and socio-economic development, in order to become a high-income nation driven by advanced technology.
“We need to put in place concerted efforts to ensure future-ready talent by realigning the labour market and improving the quality of education and training programmes.
“Currently, the shortage of human resources cut across all categories and are hampering the country’s attractiveness as a preferred destination for investments,” he said in a statement on InvestPenang’s wishlist for Budget 2023 today.
Lee also said financial allocations to institutions of higher learning should also be tied to the employability of the graduates that they produce.
This, he said, would ensure the resources invested by the government into education systems are being optimised by producing industry-ready graduates.
Lee noted that the government should also provide human resource subsidies to the private sector to enrol interns, subject to a minimum internship allowance given that a decent internship allowance could serve as a motivation for university students to explore the career option.
To encourage TVET enrolments, he suggested that the federal government provide matching allowances, covering both tuition fees and living expenses, for companies which sponsor TVET students and offer them full-time jobs upon graduation.
“Delayed gratification is the key challenge for low enrolment in TVET courses as the gig economy provides instant monetary rewards.
“Hence, providing financial assistance throughout the study, coupled with a clear career development plan, could attract more youths to enrol in TVET,” he added. — Bernama
