Rate of Refund
The rate of refund of training cost will be based on employer's annual levy paid for previous financial year as detailed below:
|
ANNUAL LEVY PAID FOR PREVIOUS FINANCIAL YEAR |
HRDC RATE OF REFUND |
|
(i) Up to Rs 20,000 |
75% |
|
(ii) Above Rs 20,000 and up to Rs100,000 |
75% |
|
(iii) Above Rs100,000 |
70% |
|
2024 Budget Speech - for all courses explicitly focused on Artificial Intelligence (AI) and starting from 1st July 2024 |
90% |
The above is subject to the limit set under the Training Incentive Scheme.
Grant Refund Formulae per financial year
The refund of training costs to employers for each financial year is limited to an 'annual grant ceiling' which is calculated using the 'Annual training levy paid by employers for the previous financial.
|
Annual Levy paid for Previous Financial Year |
Maximum grant refund for current financial year (Annual Grant Ceiling) |
|
Up to Rs20,000 |
15 times of levy contribution |
|
Above Rs 20,000 and up to Rs 100,000 |
5 times of levy contribution subject to a maximum limit of Rs 400,000 (For the first Rs 20,000 the grant paid will be as per above) |
|
Above Rs 100,000 |
2 times of levy contribution (For the first Rs 100,000 the grant paid will be as per above) |