SINGAPOREANS aged 40 and above will get more support for upskilling under the new SkillsFuture Level-Up Programme, which includes a S$4,000 SkillsFuture Credit top-up.

The top-up will be given out in May this year. Those who have yet to turn 40 will receive the top-up when they reach that age, said Finance Minister Lawrence Wong in his Budget speech on Friday (Feb 16).

This is on top of the existing S$500 in SkillsFuture Credit, which has been “deliberately allowed” for use on a wide range of courses to instil a habit of lifelong learning, said Wong, who is also deputy prime minister.

But the new S$4,000 credit will be more targeted in scope, and can be used only for training programmes with “better employability outcomes”.

They include part-time and full-time diplomas, post-diplomas, undergraduate programmes and courses for the Progressive Wage Model sectors.

Singaporeans aged 40 and above will also receive full government subsidies to pursue a second diploma at polytechnics, the Institute of Technical Education, and arts institutions. This will kick in from the 2025 academic year onwards.

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“In other words, we will give every Singaporean another bite of the education subsidy,” said Wong.

Finally, Singaporeans aged 40 and above can get a monthly training allowance if they enrol in certain full-time courses.

The allowance will be equivalent to the worker’s average income over the latest available 12-month period, capped at S$3,000. Those who have not worked in the last 12 months cannot receive an allowance.

Each individual can receive up to 24 months of training allowance throughout their lifetime, Wong added.

Details for a long-foreshadowed unemployment support scheme, however, are yet to come. This is meant to provide temporary financial support for the involuntarily unemployed as they undergo training or look for better-fitting jobs.

“We have to design this scheme carefully,” said Wong. “This is to avoid the pitfalls other countries experience when they introduce unemployment benefits.”

The parameters for the scheme – including the quantum of support and the conditions that come with the support – are being worked out and more details will be provided later in the year, he added.

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