Prime Minister Lawrence Wong highlights SkillsFuture’s role in supporting lifelong learning and career transitions for Singaporeans.
As Singaporeans face the reality of longer life expectancies and evolving career landscapes, the SkillsFuture initiative is being strengthened to help individuals seize new opportunities. Prime Minister Lawrence Wong, in a video shared on social media on November 12, 2024, emphasized that SkillsFuture would provide critical support for fresh graduates, mid-career workers, and retrenched individuals to navigate the changing workforce demands.
Lifelong Learning and Career Transitions
SkillsFuture aims to equip Singaporeans with the necessary skills to thrive throughout their careers. Young graduates, while well-prepared with the latest knowledge, will continue to refine their skills in the workforce through SkillsFuture credits. Additionally, the initiative will help mid-career professionals, especially those aged 40 and above, with upgrading their qualifications. The SkillsFuture Level-up Programme provides an extra $4,000 in credits to aid their learning and career progression.
Support for Mid-Career Workers and Career Switches
Recognizing that mid-career workers face challenges in balancing work and skill development, PM Wong announced a new initiative from early 2025: a 24-month training allowance of up to $3,000 per month for those aged 40 and above. This allowance will help individuals pursue new qualifications, such as full-time diplomas in fields ranging from education to the arts.
Helping the Unemployed
Starting in April 2025, SkillsFuture will also support those who have lost their jobs with the new SkillsFuture Jobseeker Support scheme. Those who are retrenched will be eligible for up to $6,000 in temporary financial support, along with access to other forms of assistance such as credits and training allowances.
Rethinking Work in an Aging Society
As life expectancy continues to rise, PM Wong stressed the importance of adapting our work culture to accommodate multi-stage careers. In the past, most people would retire around age 55, but with current life expectancy nearing 85, many may work well into their later years. Career transitions, reskilling, and personal fulfillment are increasingly important in this extended phase of life.
Government’s Commitment to Support
PM Wong reassured Singaporeans that the government would continue to strengthen efforts to address concerns about job security and the cost of living. The upcoming Budget 2025 will focus on helping individuals enhance their skills and secure better incomes as they face the challenges of a dynamic global landscape. SkillsFuture will remain a key tool in ensuring that Singaporeans stay active, healthy, and engaged throughout their careers.
The government’s investments in SkillsFuture align with the recognition that longer lifespans will require new approaches to work and learning, and they are committed to helping citizens navigate this exciting yet challenging journey.
