Government introduces new measures to enhance skills and job security for mid-career Singaporeans
Singapore’s Budget 2024 has placed a strong emphasis on supporting mid-career professionals through an upskilling package aimed at ensuring they remain competitive in an evolving job market. The initiative reflects the government’s recognition of the rapid technological advancements that could displace workers, particularly those in their 40s and beyond.
A key component of this effort is the S$4,000 SkillsFuture Credit top-up, which will be available from May 2024 for Singaporeans aged 40 and above. This is in addition to the existing S$500 credit, allowing individuals to invest in new skills and career transitions. The government is also introducing full subsidies for Singaporeans in this age group who wish to pursue a second full-time diploma at polytechnics, the Institute of Technical Education (ITE), or arts institutions. This move is expected to provide more opportunities for career mobility and skill diversification.
To further ease financial concerns, an allowance will be provided to offset income loss for individuals who take time off work to undergo training. This ensures that workers can focus on acquiring new skills without the immediate burden of lost wages.
Industry experts view these measures as essential in maintaining a resilient workforce, especially amid economic uncertainties and technological disruptions. Observers note that Singapore’s focus on mature workers highlights the urgency of keeping its labor force adaptable and future-ready.
With these initiatives, the government aims to create a robust and inclusive employment landscape, empowering mid-career professionals to stay relevant and thrive in the new economy.
