In his Budget 2020 speech today, Minister Heng Swee Keat lauded the SkillsFuture initiative, which helps Singaporeans to learn, develop new skills and stay employable.
He went on to cite its good progress since its launch five years ago. The training participation rate has risen, from 35 per cent in 2015, to 49 per cent in 2019.
As of end-2019, the SkillsFuture Credit has helped more than half a million Singaporeans pick up new skills and develop new interests.
He said Singaporeans are also upskilling and accessing good jobs in growth sectors, with the support of employers
Mr Heng says he is very encouraged by the efforts made by Singaporeans to acquire new skills.
The Government will invest in the Next Bound of SkillsFuture, which will have three key elements:
1. Enabling the individual
2. Enhancing the role of our enterprises
3. A special focus on mid-career workers
To support Singaporeans to continue learning, the Government will provide a one-off SkillsFuture Credit top-up of $500 for every Singaporean aged 25 years and above.
The top-up will be available for use from October 1, according to Mr Heng.
Unlike the earlier $500 credit which had no expiry date, this top-up will expire in about five years, by end-2025.
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