In his speech for Budget 2024, DPM Lawrence Wong announced that all Singaporeans aged 40 and above will receive a S$4,000 top up of SkillsFuture credits from May 2024 onwards.
On top of the S$500 SkillsFuture credit offered, DPM Wong explained that the new $4,000 credit will be used selected training programmes with better employability outcomes, including part-time and full-time diploma, post-diploma, and undergraduate programmes, as well as courses for the Progressive Wage Model sectors.
“We want participants taking up these programmes to be assured of better employability outcomes after they have completed their training,” said DPM Wong.
Singaporeans in that age group will be given additional subsidies to pursue additional subsidised full time diplomas at Polytechnics, Institutes of Technical Education (ITEs) and Arts institutions from the academic year of 2025.
Those who enrol in selected full-time programmes will also be given a monthly training allowance capped at S$3,000 per month, which is equivalent to 50 per cent of one’s average income over the latest available 12-month period. Every individual will also receive up to 24 months of training allowance throughout their lifetime.
Amid a spate of layoffs in the past few years, the government is currently working out the parameters of a temporary financial support scheme to help retrenched workers while they undergo training or look for another job.
The scheme will be part of a revamp and expansion of the country’s SkillsFuture programme, and more details will be revealed later this year.
Featured Image Credit: Singapore Government