However, the proposed budget increase for VET is subject to the outcome of a pending report on the efficiency of the current funding framework. Currently, the workplace training fund serves as the main source of financial support to companies willing to take on VET students. Companies get compensation from the fund for a specific training period to meet training costs.
Many companies/employers have called for an increase in overall funding for the workplace training fund, or alternatively for a restructuring of the way funds are allocated. Another important VET-related measure is also included in the draft budget: the creation of a ‘workplace VET logbook’ (IS: Ferilbók).
This logbook is intended to serve as an electronic database where the work-based component of VET education will be registered. The database will also contain all intended learning outcomes expected from the learner at the workplace.
The master in trade overseeing work-based learning will have access to the database, ensuring that the student accomplishes the predefined learning outcomes. The master, the student and the VET school should agree on a detailed learning contract at the beginning of the learning period. Even though the technical details and specifications of the workplace VET logbook are not finalised yet, the practice itself is thought of as a step that may significantly improve VET provision in Iceland.
Workplace Training Fund