Budget 2024: Upskilling package reflects urgency to protect mature workers

• S$4,000 SkillsFuture Credit top-up for those aged 40 and over
• Subsidies to pursue a second full-time diploma
• Provision of allowance offsets income loss during training

THE government on Friday (Feb 16) announced measures to help mid-career Singaporeans gain new skills, potentially boosting prospects for a segment that observers said are most at risk of getting left behind by the evolving economy.

Industry players whom The Business Times spoke to pointed out rapid advancements in technology that could displace workers. Singapore’s focus on the more mature age group signals an urgency to keep the workforce competitive, observers said.

Singaporeans aged 40 and above will get a S$4,000 SkillsFuture Credit top-up in May, on top of the existing S$500 worth of credit, Finance Minister Lawrence Wong said in his Budget speech on Friday.