In his National Day Rally 2024 speech, Prime Minister Lawrence Wong introduced transformative initiatives that highlight Singapore’s ongoing commitment to nurturing a resilient and adaptable workforce. A key focus was the unveiling of the SkillsFuture Jobseeker Support scheme, aimed at providing crucial assistance to those facing involuntary unemployment.
This initiative, along with the enhanced SkillsFuture Level-Up programme, marks a significant shift towards embracing lifelong learning as a core principle for Singapore’s future success.
For years, Singapore’s government has been cautious about unemployment insurance, concerned that overly generous benefits, as seen in some countries, might discourage job seeking. However, PM Wong recognized the need to support workers who are involuntarily unemployed, leading to the introduction of the SkillsFuture Jobseeker Support scheme during the National Day Rally 2024.
This scheme offers temporary financial assistance of up to S$6,000 over six months to eligible individuals. Importantly, this support is tied to proactive efforts by recipients to enhance their employability, including participation in training programs, career coaching, and job matching services. This approach ensures that financial assistance is coupled with active steps toward securing new employment.
The introduction of the SkillsFuture Jobseeker Support scheme is part of a broader change in how Singaporeans view education and skill development. PM Wong emphasised the importance of embracing lifelong learning, a mindset that has become crucial in today’s rapidly evolving global economy.
Nearly a decade ago, Singapore launched the SkillsFuture initiative to help workers remain relevant in the face of technological advancements and shifting industry demands. Since then, SkillsFuture has been instrumental in equipping Singaporeans with the necessary skills to thrive in a dynamic job market. The initiative is now being further enhanced to address future challenges.
As part of the 2024 Budget, the SkillsFuture Level-Up programme was introduced, specifically targeting mid-career Singaporeans aged 40 and above. This initiative offers a S$4,000 SkillsFuture credit top-up for individuals enrolled in full-time training courses.
This move aims to reduce the financial burden for those seeking to upskill or reskill, making it easier for mid-career workers to pursue new opportunities and remain competitive in the job market. By supporting lifelong learning, the government is empowering Singaporeans to take charge of their careers and continue growing, regardless of where they are in their professional journey.
As Singapore navigates the complexities of a globalised economy, the emphasis on lifelong learning and proactive support for job seekers underscores the government’s commitment to building a future-ready workforce. The SkillsFuture Jobseeker Support scheme and the SkillsFuture Level-Up programme are not just policies—they represent a collective effort to ensure that every Singaporean has the tools and opportunities needed to succeed in an ever-changing world.
Counto empowers small businesses like yours to save time and money year-round. Enjoy direct access to a dedicated Customer Success Manager, backed by expert accountants and tax specialists. Discover a smarter, more confident way to outsource your accounting.
Ready to streamline your finances?
Here are some articles you might find helpful:
Whatsapp 
Call