TalentCorp provides SMEs and start-ups with internship matching grant of $6.36 M

An agency designated by the Malaysian government to oversee the country’s talent strategy, Talent Corporation Malaysia Berhad (TalentCorp), has set aside MYR 30 million ($6.36 million) for internship matching grants for start-ups and small and medium-sized businesses (SMEs) in Malaysia.

In order to promote structured and long-term internship placement in Malaysian SMEs and start-ups, TalentCorp announced in a statement on Monday that it has launched the Industrial Training Matching Grant Initiative for Small and Medium Enterprises (LiKES).

The Minister of Human Resources (KESUMA), Steven Sim Chee Keong, has stressed the value of creating work environments that are conducive to internships, particularly in SMEs.

“For the first time, the government has introduced an internship matching grant to support our SMEs and start-ups,

“Now more employers can take part in a collective nation-building effort to nurture our young talents,” he said.

By providing allowances during the training period, he claims LiKES, in conjunction with the current National Structured Internship Programme (MySIP) in Malaysia, will contribute to work readiness and welfare.

“This will help level the internship playing field for SMEs who constitute 97 percent of total businesses in Malaysia, and contributed 48.2 percent to the country’s employment in
2022,” he said.

Furthermore, Sim disclosed improvements to the Industrial Training Scheme (ITS) managed by the Human Resource Development Corporation (HRD Corp) as a component of a comprehensive internship program designed for employers at KESUMA.

With effect from January 20,24, Malaysian employers may apply up to 50% of their levy balance for ITS purposes.

Additionally, the monthly cap on internship allowances claimed by each intern under the ITS scheme is no longer applicable.

The minister added that efforts are underway to create a national internship policy that will function as a manual for companies that choose to hire interns.

“As KESUMA’s strategic think tank, TalentCorp engages with industry and academia to develop guidelines for employers to prioritize interns’ skill enhancement and welfare,

“These efforts will be reflected in the upcoming National HR Policy, enabling employers to responsibly manage their internship programs,” he said.