SINGAPORE: “We believe that every worker matters and every Singaporean counts,” said Deputy Prime Minister and Finance Minister Lawrence Wong as he announced this year’s National Budget in Parliament on Friday (Feb 16) to applause from the House.
This year’s Budget introduces the SkillsFuture Level-UP Programme specifically aimed at those aged 40 and above. Singaporeans in this age bracket will receive a top-up in SkillsFuture credits of S$4,000 in May.
We will strengthen SkillsFuture to support Singaporeans as they reskill and upskill, to equip them throughout life. Check out the infographic for more on how we are reinforcing SkillsFuture! 🖊️ #SGBudget2024 pic.twitter.com/k4mlxsD21m
— MOFsg (@MOFsg) February 16, 2024
Mr Wong announced the S$1.3 billion Enterprise Support Package (ESP), which has three parts: a corporate income tax rebate, an enhanced Enterprise Financing Scheme, and an extension to SkillsFuture Enterprise Credit.
DPM Wong assured those who are younger that they will receive their top-up when they reach this age.
This Mid-Career Top Up can be used for specific industry-oriented training courses that will result in better employability, including diplomas, post-diplomas, undergraduate programmes, and courses for progressive wage model sectors.
Furthermore, through these subsidies, Singaporeans over 40 will have the chance to pursue another full-time diploma at polytechnics, ITE, or arts institutions beginning in the academic year of 2025.
And for those who avail of this and study full time, a monthly training allowance will be given. The amount of the allowance is equal to 50 per cent of the individual’s average income over the most recent 12-month period, for a maximum of S$3,000 per month.
Mr Wong added that everyone is eligible to receive 24 months of the SkillsFuture Mid-Career Training Allowance throughout their lifetime.
For ITE graduates aged 30 and below, the Deputy Prime Minister also introduced the ITE Progression Award. Upon enrollment, Awardees pursuing a diploma qualification will be given a top-up of S$5,000 to their Post-Secondary Education Account.
Moreover, upon completion, they will be given a top-up of S$10,000 to their CPF Ordinary Account.
Calling all ITE graduates aged 30 and below!
You will qualify for the ITE Progression Award when you enrol in a diploma programme. Check out more details below! 👇 #SGBudget2024 pic.twitter.com/J7dq0QIVyk
— MOFsg (@MOFsg) February 16, 2024
Additionally, he announced that there would be more support for education for lower-income families, even from children’s earliest years.
The government will be rolling out ComLink+ Progress Packages for lower-income families with young children so they can take action to improve preschool education, employment, and financial stability. These will also allow them to save up to buy their own homes.
As for families with special needs, Mr Wong said greater support would be given to reduce out-of-pocket expenses for Singaporean students with special needs in SPED schools and care centres. /TISG
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