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This paper examines the returns to training investments, using [a] recent employee survey in Thailand. Our focus is on complementarity and substitutability of training to a variety of factors: schooling, past experience, technical change, and productive endowment. Some interesting findings are obtained. First, on-the-job training has significant positive productivity effects. Second, schooling and on-the-job training are substitutes, and off-the-job training is substitutable to schooling and past experience for technicians and engineers. Third, technical change, measured by growth rate of net fixed capital, augments the returns to accumulated human capital, but reduces wage growth per se for technicians and engineers. Fourth, higher endowment substitutes for off-the-job training, and controling for endowment, both on-the-job and off-the-job training investments have significant effects on wage growth. Finally, policy implications of the above findings are discussed in detail.