Singapore’s 2024 Budget, presented by Deputy Prime Minister and Finance Minister Lawrence Wong on Friday, has been widely talked about for its focus on reskilling and upskilling.
This reskilling aspect of the latest Singapore Budget is particularly beneficial for the mid-career workforce aged 40 and above.
According to a Treasury media release after the Budget, “The SkillsFuture Level Up Program will significantly help mid-career Singaporeans aged 40 and above improve their prospects in their current job or pivot to a new career. The aim is to support people in reskilling and upskilling.”
1) S$4,000 skill future credit charge to be awarded in May 2024
There is a SkillsFuture Credit (SFC) (Mid-Career) top-up of S$4,000. The credit was “introduced in Budget 2015 to encourage Singaporeans to take ownership in developing their skills,” the release said.
This skills development support is enhanced by a S$4,000 SFC charge “in the year that every Singaporean turns 40”.
Singaporeans already aged 40 and above will receive their SFC top-up in May 2024. “Credit does not have an expiration date,” the release said.
“Eligible individuals can avail SFC charges for selected courses that are industry-oriented and improve employability. Details of eligible courses will be announced at the Ministry of Environment Supply Committee meeting.” added.
2) Government support for second round of skill upgradation for 40 or more workers
One of the key features of the latest Singapore Budget is the announcement of government grants for the second round of upskilling. So far, he has received only one government support for obtaining a degree or higher.
A media release states: “Currently, individuals who have previously received a Department of the Environment grant or government sponsorship for a degree or higher qualification (such as a degree) are eligible to pursue another subsidized full-time degree qualification at our institution. there is no.
“From the 2025 academic year, Singaporeans aged 40 and above will be eligible for separate subsidized full-time diploma studies at our Institutes of Technology, ITE and Art Schools (i.e. Nanyang Academy of Fine Arts and Lasalle University of Arts). (eligible for the Mid-Career Empowerment Grant). This will expand opportunities for mid-career Singaporeans to pursue subsidized courses.”
3) Training allowance to compensate for loss of income during upskilling/reskilling
The SkillsFuture Mid-Career Training Allowance provides financial support for Singaporeans aged 40 and above to pursue full-time upskilling or reskilling courses.
Engaging in a full-time study/training course will result in a loss of income for the period. This reserve is expected to be available from early 2025 and will cover some of the losses.
Of course, there are limits to training allowances. “The training allowance will be equal to 50 per cent of the individual’s average income for the most recent 12 months available, capped at S$3,000 per month,” the media release said. Everyone can receive up to 24 months of training allowance over their lifetime. ”
This allowance is given to eligible individuals enrolled in the following full-time, long-form training programs:
- Full-time Skills Future Career Transition Program Course. Designed to support mid-career transitions into sectors with abundant employment opportunities.and
- Full-time, publicly-funded qualifications up to undergraduate degree level offered by Singapore’s higher education and arts institutions.