Vocational Training Financial Support Scheme
The Vocational Training Financial Support Scheme ('VTFSS') is a discretionary scheme operated by the Department of Economic Development which can provide financial assistance to both businesses and individuals wishing to undertake vocational training.
The principal purpose of providing financial assistance under the VTFSS is to develop the skills of the Island's workforce in order to stimulate wider economic benefits (revenues, jobs, profits, expenditure in the local economy) and associated fiscal benefits (direct and indirect taxes) which are far in excess of the cost of the support provided.
All applications are considered on their individual merits, however, in broad terms the department considers the how the proposed training activity will:
- improve an individual's likelihood of gaining employment
- improve an individual's skills and effectiveness within the workplace
- benefit the employer through increased productivity
- benefit the employer by expanding the range of products and services offered
- benefit the employer by increasing revenue to the company
- provide skills for new and emerging sectors
As the primary objective of the department is to support the growth and diversification of the Isle of Man economy, support will be directed to the training which the department considers to be of greatest impact and will favour those occupations and sectors which are likely to generate the greatest return on investment. There are certain limits on associated costs, such as travel and accommodation if required and an annual limit per individual is also in place.
All applications should be submitted in advance of the planned training activity and retrospective applications will not be considered. We aim to process application within 10 days and applicants will be notified of the department decision in writing.
The assistance is claimed once all training is completed by submitting evidence of payment and completion or certification.
Department of Economic Development
Employment and Skills Group
31 Prospect Hill
Isle of Man
+44 1624 687152