Budget 2024: Insights into the SkillsFuture Level-Up Programme

In line with the Budget 2024 announcement, Deputy Prime Minister Lawrence Wong introduced comprehensive measures to bolster the national SkillsFuture movement and provide substantial support to mid-career workers aged 40 and above. Here’s what you need to know:

1. SkillsFuture Credit Top-Up: Eligible mid-career workers will receive a significant boost to their SkillsFuture credits, with an additional S$4,000 allocated in May. This top-up aims to empower individuals to pursue selected training programmes tailored to enhance their employability and career prospects.

2. Subsidised Full-Time Diploma Pursuits: Recognising the importance of continuous upskilling, mid-career Singaporeans will receive support to pursue another subsidised full-time diploma at polytechnics, Institute of Technical Education (ITE), and arts institutions starting from the 2025 academic year. This initiative provides opportunities for individuals to acquire new skills and pivot to new career paths.

3. SkillsFuture Mid-Career Training Allowance: To further incentivise mid-career workers to undergo reskilling and upskilling, a monthly training allowance will be introduced. This allowance, equivalent to 50% of one’s average income over the latest 12-month period, will be capped at S$3,000 per month. Individuals can receive this allowance for up to 24 months throughout their lifetime.

Summary

The above measures represent a significant enhancement to the SkillsFuture ecosystem, aiming to empower mid-career individuals to adapt to evolving job demands and seize new opportunities in the workforce. However, the success of these initiatives hinges on collective efforts from the government, employers, workers, and unions to foster a culture of lifelong learning and skills mastery in Singapore.

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