The scheme, which would involve the government working in "formal partnership" with the two representative bodies, would aim to help adults access lifelong learning and obtain the skills they need for new careers.
Expected to be announced by chancellor Philip Hammond on Wednesday during his Autumn Budget speech, the National Retraining Scheme would result in an initial £36 million investment in digital skills courses using artificial intelligence – and a further £40 million investment in construction training programmes. The scheme would then be rolled out across other key sectors.
The introduction of a National Retraining Scheme was one of the Conservative Party's 2017 general election manifesto pledges.
'Skills are vital'
Carolyn Fairbairn, director-general of the CBI, said: “Investing in all our skills is at the heart of building an economy that is fit for the future. Skills are vital to competing globally – and seizing the opportunities of the fourth Industrial Revolution. This is the best way to drive the productivity the UK needs to increase pay."
The CBI looks forward to working alongside the government and the TUC to build an approach that works for the long-term. It is the training decisions that take place every day in businesses across the country that will make a difference – so a genuine partnership is needed to get the system delivering effectively for businesses and employees," she added.