Grant, top-ups in push for workers to upgrade skills

Grant, top-ups in push for workers to upgrade skills

All S'poreans will have SkillsFuture Credit account with initial $500 grant

SINGAPOREANS aged 25 and above will get $500 from next year and more top-ups in future to offset the cost of courses.

The grant is part of the Government's push for workers to develop the skills and mastery needed to take Singapore's economy to the next level. New study awards and subsidies will also be rolled out while employers and schools will be roped in to help students discover their interests early on, through structured internships.

These moves will cost the state around $1 billion a year, up from the $600 million a year spent now on continuing education schemes.

This investment in training will ensure that Singapore stays competitive, said Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam yesterday.

Cultivating a strong culture of lifelong learning will also empower Singaporeans to develop themselves and move up.

"We must become a meritocracy of skills, not a hierarchy of grades earned early in life," said Mr Tharman. "A society where people keep learning and pushing their potential and are valued for their contributions at each stage of their life."

To drive these plans forward, the Government has launched the SkillsFuture initiative, which encompasses subsidies, study awards and training programmes.

A key feature is the SkillsFuture Credit account for all Singaporeans. The initial $500 grant and top-ups will go to this account, which can be used for a broad range of courses offered by government training agencies.

Mr Tharman stressed that Singaporeans should not rush to use their credits as they will not expire and can be used throughout their lives.

While the SkillsFuture Credit is aimed at helping Singaporeans in general upgrade their skills, targeted schemes will be introduced for specific groups of workers.

Workers aged 40 and above making mid-career switches will get enhanced subsidies that cover at least 90 per cent of the fees of training and education courses offered by the Ministry of Education and the Singapore Workforce Development Agency.

Those who want to develop specialised skills that are needed to support growing sectors will be offered study awards and fellowships.

From this year, study awards will be introduced and increased eventually to 2,000 annually to help specialist workers. Another 100 fellowships a year will be given out from next year to support education and training programmes.

These are funded by employers, the National Trades Union Congress, the public and the Government. But Mr Tharman said incentives and new training schemes alone will not transform Singapore into a society which values skills.

The mindsets of workers and employers must change too. "We have to view the education that we get when we are young as but the starting point of a journey of personal learning and self-renewal throughout our lives," he said. "Whichever the job, we must want to master what we do, and gain satisfaction from it."

Employers must also do their part to help workers reach their full potential.

The Government is also pushing for more collaboration between training institutions, unions, trade associations and employers to chart future skills demand and plan for them.

While changing Singapore's social and economic culture will take time, it is important that the process starts now. "We can only get to where we want in the long term by taking steps now, moving ahead relentlessly and never thinking that the status quo will get us to a better place," he said.

The Straits Times/ Top of The News Published on Feb 24, 2015 2:40 AM

By Amelia Tan ameltan@sph.com.sg

Budget 2015-Grant, top-ups in push for workers to upgrade skills
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