Singapore Budget 2015: Subsidies for mid-career Singaporeans to be enhanced

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The government will enhance education and training subsidies for mid-career Singaporeans, said Tharman Shanmugaratnam, Deputy Prime Minister and Minister of Finance, on Monday.

All Singaporeans aged 40 and above will receive subsidies enhanced to a minimum of 90 per cent of training costs for courses funded by the Ministry of Education and Singapore's Workforce Development Agency.

These will be implemented later in the year.

The government will also introduce SkillsFuture Study Awards, for individuals who wish to develop the specialist skills required for Singapore's future growth clusters. In addition, it will introduce SkillsFuture Fellowships, to develop Singaporeans to achieve mastery in their respective fields.

Finally, the government will work with companies to grow Singaporean corporate leaders under the SkillsFuture Leadership Development Initiative.

READ MORE: Spending on continuing education to push average spending to S$1bn per year; Citizens aged 25 and above to get S$500 in SkillsFuture Credit from 2016

INFOGRAPHIC: Snapshot of the Singapore economy; What Budget 2015 may bring