Upskilling and reskilling of the talent pool is a familiar concept to Singapore, which has contributed to cultivating a world-class resilient workforce. In conjunction with the Forward Singapore roadmap and Budget 2024, the Government is doubling down on its efforts to continuously equip the workforce and develop its human capital to be ready to face the future demands of the economy.
Numbers at a glance
S$1 billion
S$4,000
SkillsFuture top-up
Up to S$15,000
Post-Secondary Education Account top-up for ITE graduates
Grooming talent in emerging technologies
Businesses should be well-poised to embrace new technologies, and the Budget 2024 is prepared to enhance the resources available for developing AI talent, and other roles that have gained prominence in the IT and technology sector.
Key initiatives:
S$1 billion infusion over next 5 years into AI compute, talent and industry development
Lifelong learning as a key to workforce transformation
Putting emphasis on the need to upgrade skills, improve employability, and transform the workforce, there will be a SkillsFuture credit top-up for individuals, and an extension of the eligibility of the SkillsFuture Enterprise Credit for businesses.
Key initiatives:
S$4,000 SkillsFuture credit top-up
SkillsFuture Enterprise Credit extension to 30 June 2025
Honing our human capital
Talent has always been the cornerstone of Singapore’s economic progress, and Budget 2024 acknowledges the importance of paving the way for our talent to success. By supporting educational pursuits, the Government aims to increase the size of the talent pool for a stronger, more competitive workforce.
Key initiatives:
S$5,000 Post-Secondary Education Account (PSEA) top-up for ITE graduates upon enrolment into diploma programme
S$10,000 PSEA top-up upon graduation
