ABOUT THE NEXT BOUND OF SKILLSFUTURE
The Next Bound of SkillsFuture aims to further support Singaporeans to develop to their fullest potential throughout life, regardless of their starting points.
The Next Bound of SkillsFuture will 1 enable individuals to continue learning, 2 enhance the role of enterprises in developing their workforce, and 3 have a special focus for mid-career workers through a new SkillsFuture Mid-Career Support Package for locals in their 40s and 50s, to help them stay employable and move to new jobs or new roles.
Following the announcements at the Committee of Supply Debate 2021, SkillsFuture Singapore (SSG) will reallocate our resources across different areas to support our plans under the Next Bound of SkillsFuture:
a. Recalibrate course subsidy rates to channel highest subsidy rates towards training that delivers the strongest manpower outcomes;
b. Review Absentee Payroll (AP) funding rates at the end of the Enhanced Training Support Package; and
c. Phase out incentives that are tied to completion of full qualifications, such as the SkillsFuture Qualification Award (SFQA), to encourage individuals to consider upskilling through just-in-time, modular courses.
More details will be available soon.
HOW WILL THE NEXT BOUND OF SKILLSFUTURE BENEFIT ME?
One-off SkillsFuture Credit top-up of $500 for every Singaporean aged 25 years and above
A one-off top-up of $500 to the SkillsFuture Credit accounts of all eligible Singapore Citizens was provided on 1 Oct 2020. To encourage Singaporeans to take timely action to upskill and reskill, and be better equipped to seize new career opportunities, this top-up will expire on 31 December 2025.
In 2020, more than 188,000 Singaporeans have used their SkillsFuture Credit, compared to 156,000 in the year before.
Enhancements to MySkillsFuture Portal
To help individuals make informed training decisions, the digital tools within the MySkillsFuture portal will also be enhanced to provide more customised recommendations on training options.
Increase capacity of SkillsFuture Work-Study Programmes by 2025
The capacity of the SkillsFuture Work-Study Programmes will be more than doubled by 2025 to make it a mainstream pathway, with 12% of each cohort going through this pathway. In 2020, 26 new programmes were launched by IHLs, around 600 companies participated in the Work-Study Programmes, and 1,700 individuals took up such programmes to gain valuable work and industry experience while pursuing academic and work qualifications.
New SkillsFuture Enterprise Credit to encourage employers to embark on enterprise and workforce transformation
Eligible employers will receive a one-off $10,000 credit to cover up to 90% of out-of-pocket expenses for supportable enterprise capability development and workforce transformation programmes.
As at 31 Oct 2020, about 3,400 eligible employers have sent their employees for training courses under SFEC.
More support for job redesign
The Productivity Solutions Grant will be expanded to include job redesign consultancy services.
Work with large anchor companies/SkillsFuture Queen Bee companies to support training for their sectors and value chain partners
SSG will work with large anchor companies/SkillsFuture Queen Bee companies to support training for their sectors and value chain partners. We aim to partner up to 40 of such anchor companies/SkillsFuture Queen Bee companies to benefit 4,000 SMEs over the next five years.
About 250 enterprises have benefitted from the efforts of SkillsFuture Queen Bee companies in 2020. Despite the pandemic, SkillsFuture Queen Bees such as Google, IBM, Kwong Wai Shiu Hospital and Microsoft have continued to reach out to other companies, particularly SMEs, to mobilise them for workforce development efforts.
Deepen workplace learning capabilities
Supported by SSG, the National Centre of Excellence for Workplace Learning (NACE) was first established by Nanyang Polytechnic (NYP)in 2018 as a collaboration with the Swiss Federal Institute for Vocational Education and Training (SFIVET), and the German Chamber of Industry & Commerce (IHK Akademie). It aims to help companies build and develop their workplace learning capabilities, solutions and systems through training and consultancy projects.
To further accelerate capability building in companies, more centres will be launched at the Institutes of Higher Learning (IHLs), such as the NACE@SIT launched in 2020, and more.
Since the introduction of NACE in 2018, about 530 companies have embarked on programmes and implemented workplace learning processes. By 2025, we target to help more than 1,200 companies, particularly SMEs, build best practices in workplace learning and work-study capabilities.
3.SkillsFuture Mid-Career Support Package
The new SkillsFuture Mid-Career Support Package aims to create more career transition opportunities for locals in their 40s to 50s, and help them remain employable and be able to access good jobs. By 2025, we aim to double the annual placements for this group through reskilling programmes to 5,500 through the following initiatives.
Increase the capacity of reskilling programmes
Hiring incentive to employers who hire local jobseekers aged 40 and above through a reskilling programme
The Government will provide 40% salary support to the employer, for each eligible worker, for six months, capped at $12,000 in total.
With effect from 1 Sep 2020, the hiring incentive has been replaced by the Jobs Growth Incentive. Click on "Learn More" below for details.
Additional SkillsFuture Credit (Mid-Career Support)
A special SkillsFuture Credit of $500 will be provided to every Singaporean aged 40 to 60 years in 2020. This is over and above the broad-based top-up of $500, and this additional credit can be used for selected reskilling programmes at CET centres. This will expire on 31 December 2025.
From July to December 2020, about 3,600 Singapore Citizens aged 40 to 60 have tapped on their additional SkillsFuture Credit (Mid-Career Support).
Volunteer Career Advisors
A group of volunteer Career Advisors will be assembled from professional communities to provide peer-level support and career guidance to local workers in navigating professional pathways.