The Human Resource Development Council, which has been set up under the HRD Act of 2003, has interalia been vested with the responsibility to administer, control and operate the National Training Fund.
This Fund provides the necessary incentive to employers to develop their human resources.
One of the main priorities of the HRDC has been to review the existing system and come up with a new scheme so as to encourage more effective human resource development at the national level and to emphasise targeted training while at the same time minimise the existing loopholes in the previous system so as to
provide training opportunities to the maximum number of employees.
The scheme aims at encouraging a targeted approach to training whereby the ultimate long term objective would be to develop a training grant system where all training conducted by firms would be based on a proper training needs analysis and a corporate training plan.
Through these amendments the HRDC will also aim at consolidating existing schemes which would help the labour force to acquire higher qualifications especially at tertiary levels with a view to upgrading the quality of the human resource in the country and to provide the necessary human resource thrusts for successful transformation of the Economy into a Knowledge Economy.
The scheme is subject to continuous review at regular intervals so as to ensure the sustainability of the fund.