Calls for greater investment in human capital to support workforce transformation
Workers’ Party (WP) chief Pritam Singh has reiterated the party’s call for an interest-free SkillsFuture education loan, arguing that the new S$4,000 SkillsFuture Credit top-up may not be sufficient for workers’ retraining needs. Speaking on Monday (26/02/2024) during the first day of the Budget 2024 debate, Singh emphasized the importance of greater investments in human capital amid rapid workplace transformations.
While acknowledging the significance of the S$4,000 credit top-up for Singaporeans aged 40 and above, he noted that many eligible courses exceed this amount. The credit is intended for training programs with strong employability outcomes, including part-time and full-time diplomas, post-diplomas, undergraduate programs, and courses aligned with the Progressive Wage Model sectors.
To further support workforce upskilling, Singh proposed introducing an interest-free SkillsFuture education loan. This initiative, which was part of WP’s 2020 General Election manifesto, would be targeted at courses in high-growth industries facing local manpower shortages or in economically critical areas.
Financial insecurity and the need for continuous skills development were among the key concerns Singh raised in response to Budget 2024. He also called for greater transparency from the government regarding the allocation of funds. Highlighting the S$5 billion set aside for Forward Singapore policies—part of a broader S$40 billion expenditure by the end of the decade—Singh urged the government to provide detailed breakdowns on how these funds will be deployed.
“Singaporeans deserve to understand what the PAP (People’s Action Party) envisions for the social compact of tomorrow,” he stated.
As Singapore navigates economic shifts and workforce challenges, the debate over funding for lifelong learning and professional development continues to be a focal point in policy discussions.
