In order to thrive in today’s economy, it’s essential to be prepared. And one of the best ways to be prepared is to find out as much as possible about Singapore’s SkillsFuture Credit and how it can benefit you.
Do you know what SkillsFuture Credit is?
If you’re a Singaporean that is age 25 and older, you will get a SkillsFuture Credit in the amount of S$500. While it is only an initial amount, the government will make further payments in the future in regular intervals, however these credits can only be used for furthering education or job training skills.
Why is the government launching this programme?
Our Deputy Prime Minister, Tharman Shanmugaratnam spoke of the need to renew skills that are crucial for Singapore’s economy during his 2015 Budget Speech. The government is looking to help Singaporeans make possible their own career advancements.
Do I need to apply?
If you’re an eligible Singaporean, you will receive a SkillsFuture activation letter. From there, you will be able to access your account so that you can use your credit to enrol in courses after the date of 1 January 2016.
What courses can I take?
There are roughly 10,000 approved courses spanning 57 key industries for the SkillsFuture Credit programme. An extensive list of these approved online courses is available here.
Does this credit ever expire?
Luckily, there is no expiration date on the SkillsFuture Credit. Every now and then the Government will add more to the accounts.
Must I use my SkillsFuture Credit for on-the-job training that my company should take care of?
Your SkillsFuture Credit is yours for your own personal use. It is made available to you so that you can control and fuel your own desires for extended learning. Companies are forbidden from forcing their employees to delve into the credit so that they may save on training costs.
Is there a limit on how often I can use my SkillsFuture Credit when I have a remaining balance?
No restrictions are in place on how many times you can access your S$500 credit under the condition that the course start dates are different and that there is still a remaining balance in your account.
How often will the Government add to the SkillsFuture Credit account?
Unfortunately, there is no way to know exactly when or how much the Singapore Government will contribute to the SkillsFuture Credit account. The best way to work with this programme is to take courses that directly benefit your growth to fuel your career and advance you into the next level.
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