Budget 2024: S$4,000 SkillsFuture top-up for S'poreans aged 40 and above, up to S$3,000 monthly training allowance for selected courses

Source: TODAY

SINGAPORE -- All Singaporeans aged 40 and above will receive a S$4,000 top-up in SkillsFuture credits, and if they are enrolled in selected full-time courses, they can receive up to S$3,000 each month as training allowance, Deputy Prime Minister Lawrence Wong announced on Friday (Feb 16).

Delivering his Budget 2024 speech in Parliament, Mr Wong added that unlike the basic S$500 that Singaporeans currently have, the S$4,000 credits, which will be given out in May 2024, will be more targeted in scope.

"We will confine its usage to selected training programmes with better employability outcomes," he said, adding that younger Singaporeans will get the top-up when they turn 40.

For Institute of Technical Education (ITE) graduates aged 30 and below, they will get a S$5,000 top-up to their Post-Secondary Education Account if they enrol in a diploma programme.

In addition, these ITE graduates will receive a further S$10,000 top-up to their Central Provident Fund (CPF) ordinary account upon attaining their diploma.

Mr Wong said these moves are aimed at ensuring that Singaporeans are able to continuously upgrade their skills throughout life, and to ensure that wage disparities can be reduced by uplifting lower-wage workers.

The Forward Singapore exercise that was launched last October by Mr Wong had highlighted concerns about the career progression of mid-career workers and that of ITE graduates.

The exercise involved a year-long consultation with more than 200,000 Singaporeans that culminated in a report last year that presented the 4G leaders' vision of how national policies should be shaped in all areas of society, from health to education to housing.

The report cited how many Singaporeans did not want to solely upgrade their skills, but also undertake a "significant reboot" in the middle of their careers to grab new opportunities.

In his Budget speech, Mr Wong said that while "good progress" has been made with the implementation of SkillsFuture, there is more to be done.

"Continuous skills upgrading throughout life is now more important than ever... We must firmly establish SkillsFuture as a key pillar of our social compact," said Mr Wong.

The Forward Singapore exercise had also looked how to help younger ITE upgraders defray the costs of obtaining a diploma, as well as how to encourage them to upskill earlier and give "greater recognition" to those who do.

Mr Wong said on Friday that the vast majority of Singaporeans who participated in the exercise welcomed "broader definitions of success" and ensure more diverse pathways for individuals to excel.

"This also means that we must accord greater value to those who are skilled in technical hands-on abilities, as well as those with the social and emphatic traits to excel in service jobs," said Mr Wong.

He added that in particular, the wages and career prospects of ITE graduates should not be "too far below" their polytechnic and university-going peers.