Legislation to set up a Human Resource Endowment Fund is in the works, offering needy students stipends on a voucher scheme, for vocational training.
rnThe US$ 40 mn Fund was mooted in the 2003 budget, with a proposal at the time to impose a levy on companies paying 30 percent of corporate tax.rn
rnModalities are still being thrashed out with the Treasury however, with a Human Resource Endowment Fund Bill still in draft stage, Director General, Tertiary and Vocational Education Commission, Dr Sujatha Gamage said.rn
rnldblquote The new levy will cover all industries and will be used to set up a Fund for training and development of the countrys human resources dblquote .rn
rnAbout US$20 mn from the Asian Development Bank is also available under a Skills Development project loan, but is scheduled for 2006.rn
rnldblquote The ADB funding is expected in 2006, but we would like to see the Fund being set up before that, perhaps by early next year, dblquote Dr. Gamage said.rn
rnThe monies will be