BOOSTING SKILLS AND TRAINING AND SOCIAL MOBILITY
Budget 2024 is an important first step in strengthening the skills and training eco-system by better supporting Singapore’s workforce in accessing more training support. Funding aside, it is crucial that the SkillsFuture Level-Up Programme instils the lifelong habit and motivation for continual learning. If so, they will give meaning to the Forward Singapore policy shifts of “respect and reward for every job” and “learning beyond grades”.
In similar vein, the Budget seeks to reduce wage gaps through raising the qualifying income threshold for the Workfare Income Supplement scheme from S$2,500 to S$3,000. The maximum annual payouts will also be increased from S$4,200 to S$4,900.
Institute of Technical Education (ITE) graduates, in particular, get a shot in the arm for their upskilling journey. They will receive a S$5,000 top-up to their Post-Secondary Education Account when they enrol in a local diploma programme. When they earn their diploma, they will receive a further top-up of S$10,000 to their Central Provident Fund (CPF) Ordinary Account.
Also provisioned is funding for the ComLink+ Progress Packages to support eligible lower-income families with young children that seek to pull themselves up by their bootstraps through preschool education, employment, financial stability and saving towards their first home. This concerted effort seeks to advance social mobility by lending a hand to those seeking to break out of the cycle of poverty.
With Singapore on the cusp of being a super-aged society, the Budget also makes provisions for healthcare affordability and accessibility, retirement adequacy, families at every stage – be it through making preschools more affordable, helping students with special needs by reducing out-of-pocket expenses for their education and student care, and promoting employment opportunities and community integration for adults with disabilities.
Where do all these budgetary expenditures lead us to? They are ultimately about a stronger and more united nation – one that is high trust, safe and secure, energy secure, nurtures a culture of giving, and promotes a sense of solidarity through common experiences with arts and sports as key avenues.