The Singapore government will introduce a S$4,000 SkillsFuture credit top-up in May 2024 for all Singaporeans aged 40 and above, Deputy Prime Minister Lawrence Wong announced in the 2024 Budget.
Image via Mothership
The additional credit top-up does not have an expiry date.
Those younger than that will get the top-up when they turn 40.
Wong also said SkillsFuture has to be firmly established as a key pillar of Singapore's social compact, and usage of this additional amount will be confined to selected training programmes with better employability outcomes.
Unlike the S$500 credits that were credited and used for a wide range of courses, the S$4,000 top-up will be more targeted in scope.
These programmes include part-time and full-time diploma, post-diploma, undergraduate programmes, and Progressive Wage Model sector courses.
The new SkillsFuture Level-Up Programme will be introduced to better support mid-career workers, as continuous skills upgrading has become more important than ever, Wong added.
All Singaporeans aged 40 and above will also get subsidies to pursue another full-time diploma at polytechnics, ITE, or arts institutions starting from the academic year of 2025.
The government will also provide a monthly training allowance for those who enrol in full-time courses.
It will be equivalent to 50 per cent of one's average income over the latest 12-month period, capped at S$3,000 per month.
Everyone can receive up to 24 months of such training allowance throughout their lifetime.
More details will be provided at the Committee of Supply.
The SkillsFuture Credit was introduced in Budget 2015.
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