Budget 2020: S$500 top-up for SkillsFuture Credit, expires by 2025

Sharon See

Published Tue, Feb 18, 2020 · 07:46 AM

All Singaporeans aged 25 and above will get a one-off SkillsFuture Credit top-up of S$500 from October this year, Deputy Prime Minister and Finance Minister Heng Swee Keat said in his Budget Speech on Tuesday.

Mr Heng noted that SkillsFuture has made good progress five years after its launch, with training participation rate rising from 35 per cent in 2015 to 49 per cent in 2019.

As of end-2019, the SkillsFuture Credit has helped more than half a million Singaporeans pick up new skills and develop new interests, he said.

He said Singaporeans are also upskilling and assessing good jobs in growth sectors with the support of employers.

However, the new S$500 top-up comes up an expiry date - by end-2025 - unlike the earlier S$500 credit which does not expire.

"This is to encourage Singaporeans to take action early to learn new skills and to make the best use of this period of economic slowdown," Mr Heng said.