SkillsFuture will help S’poreans seize new opportunities as lifespans lengthen: PM Wong 📚
This Article from Straits Times
SINGAPORE – As life expectancy increases and Singaporeans embark on multi-stage careers, SkillsFuture will enable them to seize new opportunities, said Prime Minister Lawrence Wong.
It will provide programmes for fresh graduates, mid-career workers, as well as those who have been retrenched, to help them make the most of available opportunities, PM Wong said in a video posted to various social media channels on Nov 12.
SkillsFuture is a national movement to promote lifelong learning, administered by SkillsFuture Singapore, a government agency.
The Need for Continuous Upskilling
Young Singaporeans entering the workforce are equipped with the latest knowledge and skills from school, but will still need to sharpen their skills based on their work requirements, said PM Wong, who is also Finance Minister.
To do this, they can use their SkillsFuture credits, he added.
Mid-career workers, especially those in their 40s or older, face more challenges in upgrading their skills, and in taking time off from work to do so, he said.
To help with this, the Government has implemented the SkillsFuture Level-up Programme, which provides an additional $4,000 in SkillsFuture credits to pay for courses, PM Wong said.
From early next year, everyone aged 40 and above can get 24 months’ worth of training allowance of up to $3,000 a month while pursuing these courses, which could lead to many options later in life, he said.
He added: “For example, after working for some time in a professional area like engineering or finance, you may want to switch to a different field like education or social work; or you may want to pursue your interest in the arts.
“You can consider taking up a full-time diploma at one of our polytechnics, or at the Nanyang Academy of Fine Arts or Lasalle.”
This diploma will be subsidised, and individuals can still tap the monthly allowance as they earn it, PM Wong added.
SkillsFuture will also support those who are retrenched through the new SkillsFuture Jobseeker Support scheme, he said.
From April 2025 onwards, those who are involuntarily unemployed can apply for temporary financial support of up to $6,000 over a period of up to six months.
They will also still be able to access the other forms of support through SkillsFuture, such as credits or training allowances.
PM Wong said: “Added together, it amounts to a significant package of help to support you in your reskilling efforts, find a new job, and bounce back stronger.”
The Prime Minister has made it a priority for his government to address Singaporeans’ concerns about job security.
At a press conference on Nov 8, he said such concerns, and those about the cost of living, will be covered in consultations on Budget 2025.
He noted that the issue is not about overall unemployment, as unemployment rates are low, but ensuring a sense of security amid a more turbulent global environment.
📢 Live Longer, Learn for Life! 📚💡
In June 2024, Singapore’s unemployment rate stood at 2.8 per cent.
“People can sense that there are more changes around us. With global changes, with geopolitical tensions, with technology, people are worried about not just today’s job, but what about my jobs later on, and as I get older – and we are all living longer – will I still have a good job with a steady income,” he said at the press conference.
The upcoming Budget will look at helping people to upskill and ensure better incomes, on top of existing efforts such as the enhancements to SkillsFuture, PM Wong added. The enhancements were announced in Budget 2024.
With longer lifespans, it is important to rethink attitudes towards work, he said in the video.
In the early years of independence, life expectancy was around 65, he noted.
Most people would retire at 55, and then plan for about 10 years of retirement. Now, life expectancy is close to 85.
He said: “In fact, many more babies born today can expect to live to 90, or even 100. But as a society, we have yet to fully grasp the implications of what it means to have such increased lifespan.”
In the past, many would find a job, stick to it, and strive to excel within the industries they have chosen.
But with longer lifespans, there will no longer be such a straightforward linear progression, he said. People are likely to have more career switches and transitions across different life stages.
Singaporeans are also concerned about the challenges that come with longer lifespans, he added.
He said: “We are afraid of ending up with more frailty and sickness. We want time to relax and enjoy, and not face an endless drudgery of exhausting work.
“Ultimately, we all want a life that’s filled with meaning and purpose. To make the most of the extra time we have on earth, we have to stay active and healthy, and keep on learning and striving to excel in all that we do.”
Singaporeans will not be alone in this journey, PM Wong said.
The Government will do more to help, and that is why it is significantly strengthening SkillsFuture, he said.
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