Deputy Prime Minister Lawrence Wong announced in his speech for Budget 2024 today (February 16) that Institutes of Technical Education (ITE) graduates aged 30 and below will receive financial support to further their education.
DPM Wong introduced the ITE Progression Award, where graduates eligible S$5,000 in their post-secondary education accounts when they enrol in a diploma programme. They will also receive S$10,000 in their CPF Ordinary Account upon completing their diploma course.
DPM Wong acknowledges the wage disparities amongst graduates at different education levels, adding that while differences in wages is inevitable, but large differences can create unhealthy levels of anxiety and stress.
More financial support will also be given to children with special needs. As Special Education (SPED) schools have higher underlying costs, school fees are higher despite having more government subsidies.
Introducing it as the “first step” to alleviate the pressures on families with special needs, DPM Wong stated that the maximum monthly fees at SPED schools will be reduced from S$150 to S$90. Fee caps at all Special Student care centres will also be lowered.
Looking at the education sector, the Edusave awards will also be enhanced, with the Edusave Endownment Fund will be topped up by S$2 billion to support educational initiatives by the Ministry of Education (MOE).
Featured Image Credit: ITE
