Budget 2024: Quick takes on SkillsFuture Level-Up programme

THE Singapore government will introduce a new SkillsFuture Level-Up programme to better support the city-state’s mid-career workers, Finance Minister Lawrence Wong announced in his Budget 2024 speech on Friday (Feb 16).

The programme seeks to support workers aged 40 and above in undertaking significant reskilling and upskilling to boost their prospects in their current job, or to pivot to a new career.

It comprises three new measures: a S$4,000 SkillsFuture credit top-up for mid-career workers; support for mid-career Singaporeans to pursue another subsidised full-time diploma; and a SkillsFuture mid-career training allowance.

The new S$4,000 credit will be more targeted in scope, as the government will restrict its usage to selected training programmes that have better employability outcomes. This includes part-time and full-time diploma, post-diploma and undergraduate programmes, as well as courses for the progressive wage model sectors.

For the mid-career training allowance, Wong said this amount will be equivalent to 50 per cent of one’s average income over the latest available 12-month period, capped at S$3,000 each month. An individual can get up to 24 months of such a training allowance throughout their lifetime.

Wong said these changes mark a “significant enhancement” to the SkillsFuture ecosystem, but noted that the country will only reap the full benefits of this if all parties – government, employers, workers and unions – step forward to deepen a culture of lifelong learning and skills mastery in Singapore.

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Here are some quick takes from companies and observers on this programme:

Singapore Institute of Management Academy chief executive Seong Kim Ho:

• “For Singapore to retain its position as a leading global business hub, it is critical that lifelong learning, and continuous skills upgrading throughout life, is made a priority, not only by individuals, but also by corporations.”

• “We welcome and applaud the Deputy Prime Minister’s investment in lifelong learning, in particular the S$4,000 top-up in SkillsFuture Singapore credits for those aged 40 and above.”

• “These credits can be used by those in this age bracket to undertake specially designed courses which will greatly help to improve their current and future employability.”

• “By encouraging investment in our people, we can ensure that Singapore’s talent continues to pave the way for Singapore’s future economic dynamism and success.”

Qualtrics head of South-east Asia Foo Mao Gen:

• “The newly-announced SkillsFuture Level-Up initiative, aimed at supporting mid-career workers in acquiring new skills and competencies, is particularly encouraging.”

• “Programmes like this recognise the crucial role this demographic plays in our economy and the need for support in helping our nation’s workers adapt to evolving demands and technological advancements.”

Workday general manager for Asean Pannie Sia:

• “The commitment to upskilling and the support extended in SkillsFuture is also encouraging. Beyond addressing immediate business needs, upskilling and growing talent is important in ensuring the workforce remains competitive.”

• “Encouraging businesses to enhance the digital skills of their workforce will create a labour force adept at navigating the evolving technological landscape.”

• “The greater support for upskilling aligns seamlessly with the broader strategy of cultivating a skills-based economy.”

Deloitte Singapore tax partner Lee Tiong Heng:

• “The S$4,000 SkillsFuture credits top up is very generous. This is a significant enhancement to the SkillsFuture programme. The government is sending a strong message that individuals should take personal responsibility to upgrade themselves, make their skills and knowledge relevant in the new economy with the government providing the support.”

Salesforce general manager for Asean Sujith Abraham:

• “The extension of SkillsFuture Enterprise Credit and the introduction of the new SkillsFuture Level-Up programme for mid-career workers will ensure inclusivity and accessibility for the entire workforce.”

• “These incentives will encourage workers to upskill themselves in areas such as digitisation and AI (artificial intelligence) to help Singapore develop a future-ready workforce. Upskilling is a task and responsibility for the entire ecosystem.”

For more of BT’s Budget 2024 coverage, go to bt.sg/budget24