Budget 2024: S$4,000 SkillsFuture top-up in May for S’poreans 40 years old & above

Singaporeans 40 years old & above to receive SkillsFuture top-up

All Singaporeans aged 40 years and above can soon look forward to an extra S$4,000 worth of SkillFuture credit.

The top-up, which will happen in May, is meant to encourage mid-career workers to upgrade their skills and increase their employability.

Deputy Prime Minister (DPM) Lawrence Wong announced the move during his Budget 2024 speech in Parliament on Friday (16 Feb).

The top-up is a part of the SkillsFuture Level-Up Programme introduced during this year’s Budget announcement.

S$4,000 top-up in SkillsFuture credit for mid-career workers

The S$4,000 top-up can only be used for selected training programmes with better employability outcomes, said DPM Wong.

These include diplomas, post-diplomas, undergraduate programmes, as well as courses for progressive wage model sectors.

“That’s because we want participants taking up these programmes to be assured better employment outcomes after they have completed their training,” said DPM Wong.

The S$4,000 credit will have no expiry date, and younger Singaporeans who hit 40 will also receive the same amount.

Apart from that, eligible Singaporeans aged 40 and above will have the chance to pursue another full-time diploma at polytechnics, Institutes of Technical Education (ITE), and arts institutions at subsidised rates.

This will come into play from academic years that start from 2025.

DPM Wong said that this initiative is to provide more re-skilling options.

“In other words, we will give every Singaporean another bite of the education subsidy,” he added.

In addition, Singaporeans aged 40 and above who enrol in selected full-time courses from 2025 will receive a monthly training allowance. The sum is meant to partially offset the income loss from taking time off work.

The allowance will be equivalent to 50% of their average income in the latest 12-month period.

There is also a cap of S$3,000 per month.

Everyone can receive up to 24 months of training allowance in their lifetime.

These three initiatives are all part of the SkillsFuture Level-Up Programme that was introduced on 16 Feb.

Life-long learning is a shared commitment, says DPM Lawrence Wong

“We are making a significant enhancement to our SkillsFuture ecosystem,” said DPM Wong.

“But we will reap the full benefits only if all of us — Government, employers, workers, and unions — lean forward to truly deepen this culture of lifelong learning and skills mastery”.

Pointing out that this has to be a “shared commitment to one another”, he urged all to help fellow Singaporeans develop to their fullest potential, and to have productive and meaningful careers.

The SkillsFuture initiative was launched in 2015.

Since then, good progress in this area has been made; for instance training participation rates have increased.

But much more can still be done, said DPM Wong. “Continuous skills upgrading throughout life is now more important than ever.”

Also read: Budget 2024: Extra S$600 CDC Vouchers for S’poreans as part of Assurance Package enhancement

Budget 2024: Extra S$600 CDC Vouchers for S’poreans as part of Assurance Package enhancement

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Featured image adapted from gov.sg for illustration purposes only.