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Budget 2020: New SkillsFuture Mid-Career Support Package for workers in 40s and 50s
THE government is introducing a SkillsFuture Mid-Career Support Package for locals in their 40s and 50s to help them stay employable, Deputy Prime Minister and Finance Minister Heng Swee Keat said in his Budget speech on Tuesday.
The government aims to double the annual job placement of those in their 40s and 50s to around 5,500 by 2025.
This will be done by increasing the capacity of reskilling programmes such as the Professional Conversion Programme under the Adapt and Grow initiative, career transition programmes delivered by Continuing Education and Training (CET) Centres, and sector-specific programmes like the TechSkills Accelerator Company-Led Training for ICT jobs.
Mr Heng exhorted employers to step up in recruiting, retaining and retraining local mid-career workers, promising government support to those who do so.
A hiring incentive will be provided to employers who hire local jobseekers aged 40 and above through a reskilling programme. For each eligible worker, the government will provide 20 per cent salary support to the employer for six months, capped at S$6,000 in total.
To improve access to reskilling programmes, Mr Heng said the government will provide a special SkillsFuture Credit top-up this year of S$500 to every Singaporean aged 40 to 60. This will be over and above the S$500 top-up given to all Singaporeans aged 25 and above.
This additional credit, which will expire in five years, can be used for selected reskilling programmes at CET CEntres.
For more Budget 2020 stories, visit bt.sg/budget20.