WHAT ARE THE CHANGES ANNOUNCED?
Mr Wong, who is also Finance Minister, then unveiled a slew of updates to the SkillsFuture scheme under a new Level-Up Programme to better support mid-career workers.
S$4,000 top-up
All Singaporeans aged 40 and above will receive a S$4,000 SkillsFuture credit top-up in May.
Younger Singaporeans will receive the same amount when they turn 40.
This S$4,000 will be more targeted in scope, and can only be used for selected training programmes, said Mr Wong.
This includes part-time and full-time diploma, post-diploma and undergraduate programmes, as well as courses for the Progressive Wage Model sectors, he said, noting that the existing basic tier of S$500 in credits can be used for a wide range of courses.
“We want participants taking up these programmes to be assured of better employability outcomes after they have completed their training.”
Subsidies for full-time diplomas
The government will also provide subsidies to all Singaporeans aged 40 and above to pursue another full-time diploma at polytechnics, Institutes of Technical Education and arts institutions from the 2025 academic year, Mr Wong announced.
This means that even after graduating from an institute of higher learning as a young person, Singaporeans can return after they turn 40 to do a full-time diploma – at subsidised rates again.
Monthly training allowances
Singaporeans aged 40 and above who enroll in selected full-time courses will also receive monthly training allowances, announced the Deputy Prime Minister.
The training allowance will be equivalent to 50 per cent of the individual’s average income over the latest available 12-month period, capped at S$3,000 per month.
Each individual can receive up to 24 months of training allowance throughout their lifetime, said Mr Wong. He noted that this can cover the full duration of a SkillsFuture career transition programme and more than half the duration of most qualifications issued by Institutes of Higher Learning.
Singapore will only reap the benefits of this “significant enhancement” to the SkillsFuture initiative if the government, employers, workers and unions lean forward to deepen the culture of lifelong learning and skills mastery, said Mr Wong.
“This must be our shared commitment to one another, to help our fellow Singaporeans develop to their fullest potential, and to have productive and meaningful careers.”