As announced in Deputy Prime Minister Lawrence Wong's 2024 Budget Statement, the government will be introducing the SkillsFuture Level-Up programme, providing a S$4,000 SkillsFuture credit top-up for all Singaporeans 40 and above and for younger Singaporeans when they turn 40.

On questions from Members of Parliaments (MPs) about the difference from the existing S$500 Skillsfuture credit, Minister for Education Chan Chun Sing said that the previous top-up was for "bite-sized" and "just-in-time" upskilling and reskilling, while the newer top-up is geared towards "boosting employability".

He explained that the top-up can be used for over 7,000 full-time and part-time courses with "better employability outcomes", and they will cover academic full qualification programmes offered by institutes of higher learning.

"This includes diplomas, post diplomas, undergraduate and postgraduate degrees that are well recognised in the market, as well as shorter modules that can stack to this full qualifications to offer more flexible upgrading options."

Chan also said that the current top-up will not expire — while the previous top-up in 2020 of S$500 for those aged 40 to 60, which was meant to expire in 2025 — will also not expire anymore.

Chan said the SkillsFuture Level-Up programme would cost the government an additional S$100 million every year, or more if there's a stronger take-up.

Subsidies for mid-career full-time diplomas

Singaporeans above 40 will also receive subsidies to pursue a full-time diploma from 2025 — even if they had graduated from an institute of higher learning when they were younger.

The SkillsFuture Mid-Career Enhanced Subsidy will subsidise up to 90 per cent of the course fee for MOE or SkillsFuture-funded programmes, and it can be further offset by the S$4,000 SkillsFuture credits.

Top image via Skillsfuture SG Facebook