In the 2024 Budget, Deputy Prime Minister Lawrence Wong unveiled a S$4,000 SkillsFuture credit top-up for all Singaporeans aged 40 and above, which will be available in May 2024. This additional credit will not expire and can only be used for specific training programs that have been chosen for their better employability outcomes.
The S$4,000 top-up will be more targeted in scope compared to the previous S$500 credits, which could be used for a wide range of courses. Eligible programs include part-time and full-time diplomas, post-diploma, undergraduate programs, and Progressive Wage Model sector courses.
Furthermore, the government plans to introduce the SkillsFuture Level-Up Programme to better support mid-career workers. This initiative is in recognition of the increasing importance of continuous skills upgrading.
All Singaporeans aged 40 and above can also look forward to subsidies for pursuing another full-time diploma at polytechnics, ITE, or arts institutions starting from the academic year of 2025. To further assist those who enroll in full-time courses, the government will provide a monthly training allowance. This allowance will be equivalent to 50% of one’s average income over the latest 12-month period, with a cap of S$3,000 per month. Each individual can receive up to 24 months of such training allowance throughout their lifetime.
Deputy Prime Minister Wong emphasized that SkillsFuture is a crucial pillar of Singapore’s social compact and expressed the intention to further establish its significance. Additional details regarding these new initiatives will be shared during the Committee of Supply.
The SkillsFuture Credit was initially introduced in Budget 2015 as a scheme to support the continuous upgrading of skills for Singaporeans throughout their careers. The new S$4,000 credit top-up for those aged 40 and above builds upon this initiative, recognizing that mid-career workers may face unique challenges in staying relevant in the workforce and require more tailored support.