Are you contemplating a mid-career switch or just want to upskill in order to stay updated with today’s ever-evolving job market? Well, we’ve got some good news for you!
Initiatives for Upskilling
On 16 February 2024, the Ministry of Finance announced a few exciting initiatives in Budget 2024, specifically designed to support and enhance your career growth!
Tailored for the ambitious and dynamic workforce of Singapore, this article is here to break down how these changes can benefit your career path!
Introducing SkillsFuture Level-Up Programme
SkillsFuture Level-Up Programme offers incredible structural support for mid-career Singaporeans aged 40 and above who want to reboot their skills and stay ahead in our ever-evolving economy.
It’s not just about keeping up; it’s about leaping forward in your career. Here are 3 latest changes you need to know under this programme:
SkillsFuture Credit
First, from May 2024, all Singaporeans aged 40 and above will enjoy a SkillsFuture Credit top-up of S$4,000. This is to help offset those out-of-pocket course fees for selected courses aligned with the current industry and employment needs.
In line with the government’s focus on employability outcomes, you will be able to use your additional credits on specific training programmes including part-time and full-time diplomas, post-diploma, undergraduate programmes, and courses for the Progressive Wage Model sectors.
This will be especially beneficial for learners who are interested in enrolling for a SkillsFuture Career Transition Programme as this will support the full duration of the programme.
Mid-Career Enhanced Subsidy (MCES)
Second, if you are already enjoying the Mid-Career Enhanced Subsidy (MCES) that covers up to 90% of course fees, good news – this is getting even better.
From the Academic Year 2025, MCES will extend to those taking up another publicly funded full-time diploma at Polytechnics, ITE, and Arts Institutions.
This also applies if you were a past graduate of an Institute of Higher Learning. You will be able to continue your learning journey at subsidised rates once you turn 40.
SkillsFuture Mid-Career Training Allowance
There’s more! Starting early 2025, you can apply for the new SkillsFuture Mid-Career Training Allowance. This is for Singaporeans who are taking on selected full-time, long-form programmes.
You can get an allowance based on 50% of your average income over the last 12 months, capped at S$3,000 a month. And you can use this for up to 24 months over your lifetime.
For a more accurate and detailed information on the amount of training allowance, duration of support and eligible training programmes, you can refer to MOE’s statement here.
More details will be released soon in Q4 2024 by SkillsFuture, so keep yourself updated through their website here!
Introducing ITE Progression Award for ITE Graduates
Another gem was introduced in the Budget 2024 for graduates of the Institute of Technical Education (ITE).
If you are a recent ITE graduate thinking about diploma programmes, you are in for a treat with this new ITE Progression Award.
This initiative aims to help you excel in your chosen profession, improving your career and wage prospects.
Here is what this award includes:
Financial Boost for Diploma Enrollment
Once you enrol in a diploma programme, your Post-Secondary Education Account (PSEA) gets a top-up of S$5,000 to help offset the costs of the diploma programme. That is a significant leg-up for your next educational step!
Rewarding Your Diploma Achievement
When you attain your diploma, you will receive a further top-up of S$10,000 into your Central Provident Fund (CPF) Ordinary Account. That is not just an achievement; it’s an investment in your future!
This award is specially designed for ITE graduates aged 30 and below. This initiative is all about encouraging and supporting more ITE young graduates in their journey to upskill.
So, whether you are looking to switch careers or to climb the ladder in your current path, these new initiatives are here to help you soar higher! More details on this award will be announced by the government in the near future, stay tuned!
Ready to Take Your Career to the Next Level?
@ASK Training Singapore is a SkillsFuture Singapore-appointed Continuing Education Training Centre (CETC) that offers WSQ-certified courses ranging from Digital Marketing, Information Technology (IT), Microsoft Office, and many more.
Learners who enrol for our SkillsFuture Career Transition Programme (SCTP) will also enjoy up to 95% SkillsFuture funding to financially ease their upskilling or reskilling journey.
Here are some SCTP Programmes that we currently offer:
Let us be your ally in this journey and contact us today!