Budget 2024 – More SkillsFuture Credits

23/02/2024

Currently, all eligible Singaporeans aged 25 and above are entitled to S$500 in SkillsFuture credit to better upskill themselves and promote lifelong learning.

Now, a new SkillsFuture Level-Up Programme will be introduced with a focus on supporting mid-career workers. This comprises a S$4,000 top-up in SkillsFuture credit top-up in May 2024 for Singaporeans aged 40 and above. This applies to those who want to upskill in “selected training programmes to improve their employability”.

Such programmes include diplomas, post-diplomas, undergraduate programmes, and courses for progressive wage model sectors.

Meanwhile, all Singaporeans aged 40 and above will also receive subsidies to pursue another full-time diploma at polytechnics, ITE, or arts institutions from the academic year (AY) 2025.

Particularly, those who enrol in full-time courses will be provided a monthly training allowance. This is equivalent to 50% of one’s average income over the latest 12-month period, capped at S$3,000 per month.

Everyone can receive up to 24 months of training allowance throughout their lifetime.

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