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Budget 2020: Preparing for the Future

22 Feb 2020 < 1 min read

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SkillsFuture was first introduced in 2015 to encourage Singaporeans to upskill and learn new things as Singapore gears up to meet the challenges of the evolving economy.

In the recent Budget 2020 Announcement, Deputy Prime Minister and Finance Minister Heng Swee Keat revealed the Next Bound of SkillsFuture. The three objectives are:

  1. Enable the individual
  2. Enhance the role of enterprises
  3. Special focus on mid-career workers.

To do these, some of the measures will include:

  • Singaporeans above the age of 25 receiving a one-off SkillsFuture Credit top-up of $500 in October.
  • $10,000 SkillsFuture Enterprise Credit for enterprises to transform their workforce and enterprise.
  • SkillsFuture Mid-Career Support Package for Singaporeans in their 40s and 50s
  • Special SkillsFuture Credit top-up of $500 to every Singaporeans aged 40-60 this year.

The SkillsFuture scheme has helped more than half a million Singaporeans pick up new skills and develop new interests. With Singaporeans upskilling and accessing good jobs in growth sectors, the Government will continue to support the aspirations of Singaporeans.