The discussion will focus on initiatives to enhance employability for mid-career workers in Singapore
Second Minister for Finance and National Development Indranee Rajah will participate in the ST-BT Budget 2024 Roundtable on March 7, addressing Singapore’s pressing need for workforce upskilling. The panel, organized by The Business Times and The Straits Times, will explore how Budget 2024’s initiatives can help mid-career professionals remain competitive in a rapidly evolving job market.
This discussion comes amid the ongoing Committee of Supply debates in Parliament, following the Budget 2024 statement delivered by Deputy Prime Minister and Minister for Finance Lawrence Wong on February 16. Rajah will be joined by UOB senior economist Alvin Liew, Association of Small & Medium Enterprises president Ang Yuit, and Deputy Secretary-General of the National Trades Union Congress and Minister of State in the Prime Minister’s Office Desmond Tan. The session will be moderated by Straits Times associate editor Vikram Khanna.
A key focus of the roundtable will be the SkillsFuture Level-Up Programme, introduced in Budget 2024 to support mid-career workers. Under this initiative, Singaporeans aged 40 and above will receive a S$4,000 SkillsFuture Credit top-up in May, which can be used for around 7,000 part- and full-time courses aimed at improving job prospects. Unlike previous credits, this new top-up will not have an expiration date.
Additionally, mid-career workers enrolling in full-time courses will be eligible for a monthly training allowance, covering up to half their last-drawn salary, with a cap of S$3,000. This support aims to offset income losses while individuals pursue further education and skill development.
The panel will also discuss several critical issues affecting workforce development, including:
The impact of artificial intelligence and automation on job roles, making reskilling essential.
The relatively low uptake of SkillsFuture credits in 2023 among Singaporeans aged 25 and above.
The role of employers in ensuring SkillsFuture training remains relevant and beneficial to workers.
The challenge of ageism in hiring and professional development, which was highlighted in the recent Budget debate.
