Latest news with #SkillsFutureCredit
Straits Times
23-05-2025
- Business
- Straits Times
More can be done to maximise the impact of SkillsFuture in its next phase: PM Wong
More can be done to maximise the impact of SkillsFuture in its next phase: PM Wong SINGAPORE - In a more advanced economy and with a better-educated population, the SkillsFuture movement must do better in curating courses and helping Singaporeans identify those that will benefit them the most, said Prime Minister Lawrence Wong on May 23. Many have benefitted from skills development in the past decade — about one-fifth of Singapore's workforce signs up for training every year, said PM Wong at the SkillsFuture's 10th anniversary event held at Four Seasons Hotel in Orchard. 'We see more businesses sending their workers for SkillsFuture supported training, and some of the leading companies now become SkillsFuture queen bee companies,' he said. But more can be done to maximise the impact of the national skills movement, PM Wong said. He outlined three key areas for improvement: by making it easier for adult workers to access industry relevant courses, ensuring courses are designed with industry needs in mind, and strengthening the culture of learning for life. The SkillsFuture movement was launched in 2015, with the aim to help Singaporeans learn for life, obtain skills to secure better jobs, and grow their careers, said PM Wong, who was attending as guest-of-honour at the event. Minister for Education Chan Chun Sing, Minister for Manpower Tan See Leng, and Minister of State for Education and Manpower Ms Gan Siow Huang were also present. (From left) Manpower Minister Tan See Leng, Prime Minister Lawrence Wong, Education Minister Chan Chun Sing and Minister of State for Education and Manpower Gan Siow Huang at the SkillsFuture's 10th anniversary event on May 23. ST PHOTO: CHONG JUN LIANG From the workforce to businesses, many have benefitted from SkillsFuture, and the movement evolved to include more industry partnerships, PM Wong said. 'We have come a long way in this past decade. We empowered everyone to take charge of their own learning through SkillsFuture Credit. We've put in place a more vibrant learning ecosystem with a wide range of approved courses, many of which are highly subsidised,' he said. 'And we've encouraged companies, including many SMEs, to invest in their workers and workforce transformation.' But there is still much more we can do to maximise the impact of SkillsFuture and take it to 'even greater heights', said PM Wong. The economy is more advanced now, and people have more diverse needs and aspirations, he added. 'As a government, working with our partners, we have to do better at curating the courses, and helping Singaporeans identify the ones that give them maximum benefits and are suited to them,' he said, for example, courses that increase proficiency in artificial intelligence. More than just broad-based skills, training courses of one to two days are provided as part of the Career Health initiative for Singaporeans to support their career, he said. These are across industries, and act as a 'taster'. 'In order to get a substantial injection of skills, we all need to put in time and effort,' PM Wong said, acknowledging that it may not be easy for mid-career workers with families. This is why SkillsFuture will support them with the previously announced credit top-up of $4,000 and monthly allowance of up to $3,000 for those pursuing full-time and part-time courses, he said. The SkillsFuture movement also has to become more 'industry-oriented', said PM Wong, so that courses are designed with industry needs in mind, and businesses will be more likely to invest in training. Employers have concerns about losing their employees after sending them for training, which is why they tend to 'under-invest', said PM Wong. Employers are also hesitant to take up the SkillsFuture Enterprise Credit - a fund for employers who send their employees for training — because they have to pay first and get reimbursed later. He added that awareness of the scheme is also low, which is why it is being redesigned as an online wallet. Each company will get $10,000 online credits to offset any training costs, as announced earlier in Budget 2025. It will be ready in the second half of 2026. The culture of lifelong learning and skills development has to be strengthened, said PM Wong, which requires a 'major mindset shift'. 'Learning is not about cramming for examinations or attaining academic qualifications,' he said. 'Learning is really about continuous improvements throughout life, whether by learning new things, deepening one's existing expertise, or putting in the effort to maximise your potential in everything you do across your life.' Everyone has a part to play, including individuals, employers and trade associations, labour movement and unions, and tertiary institutions and training providers, PM Wong said. 'It is quite a complex ecosystem, which is why, in countries everywhere, no one really has a good model,' he said. 'We are at the vanguard of this, and we have been trying to put together all the different pieces, all the institutions, partners, stakeholders, and fit them all in, align the incentives, get everyone to work together on the same path.' Good progress has been made in the last 10 years, he added, and the Government will continue to do its part as an employer and policymaker. The SkillsFuture movement is a 'key pillar of our refreshed social contract in Singapore', PM Wong said. 'It's a major effort to transform our economy and our society.' 'We have stepped up significantly our investments in SkillsFuture, but there is still much more to do, and we will continue to do more in the coming years together.' Join ST's WhatsApp Channel and get the latest news and must-reads.
Straits Times
16-05-2025
- Business
- Straits Times
Govt prepared to enhance support for workers, businesses amid tariff uncertainty: DPM Gan
Deputy Prime Minister Gan Kim Yong said job security had emerged as the top-of-mind concern during conversations with fresh graduates, workers and the unions. ST PHOTO: LIM YAOHUI SINGAPORE - The Government is ready to enhance existing schemes to help workers and businesses if the global economy weakens further due to tariff-induced uncertainties, said Deputy Prime Minister Gan Kim Yong. While providing an update on the progress made by the Singapore Economic Resilience Taskforce on May 16, DPM Gan said job security had emerged as the top-of-mind concern during the committee's conversations with fresh graduates, workers and the unions. He said the task force is working with institutes of higher learning to step up efforts in helping fresh graduates secure good jobs. These include providing career counselling and holding job fairs. He also encouraged fresh graduates and younger workers to keep their options open, and be more flexible in terms of the type of jobs and the salary package they are looking for. 'When the situation improves and the job market strengthens, there will always be opportunities to look for better jobs and better-paying jobs,' he said. Employers can also do their part and give more opportunities to young graduates, he added. 'You take them on as a trainee, as interns, so that they will acquire necessary experience because everybody has to start somewhere. We will be talking to these companies to create internship opportunities,' DPM Gan said. For mid-career workers, he said they can tap the training and upskilling opportunities under initiatives such as the SkillsFuture Level-Up Programme, which provides Singaporeans aged 40 and above with a top-up of $4,000 in SkillsFuture Credit to pursue courses that can help them stay industry-relevant. He urged workers to stay positive and focus on upgrading themselves as the job market and the skill sets needed after the tariff tension settles will be 'quite different'. 'They should keep their skills up to date and relevant, so that when these new opportunities emerge, they will be in a strong position to seize these opportunities that will come our way,' DPM Gan said. More support for companies On the business front, DPM Gan said some companies are already grappling with deferred or cancelled orders, while others are worried about declining revenue, potential payment delays and cash flow issues. To address their concerns, the Government has introduced several measures from tax rebates to the Market Readiness Assistance grant, which supports companies that want to explore new markets by defraying their costs of overseas market promotion, business development and set-up. 'We are also talking to the banks and reviewing our various financing schemes that we have already put in place and are still in place, to see whether they are adequate and whether there is room for us to enhance them,' DPM Gan said, noting that companies that are exporting directly to the US market may face greater issues with working capital in the event of an economic slowdown. Businesses are also concerned about the policy uncertainty over tariffs. They do not know what tariffs will be applied six months or a year from now, which makes it hard for them to lock in longer-term orders. 'To many businesses, this uncertainty is very worrying and very unsettling,' DPM Gan said, adding that companies have found it difficult to do business planning. 'In the absence of absolute knowledge of what's going to happen, it is always a challenge,' he said. But he encouraged businesses to look ahead and get ready for any changes that may come their way. 'We must be ready to diversify our supply chain sources, and also diversify our markets for our goods and products. 'At the same time, we also encourage our enterprises to develop new products and services that will allow us to open up new opportunities for our businesses and for the workers,' he said. He noted that some companies here have taken advantage of the 90-day tariff deferment period to export to the US as much as they can, he said, but he cautioned against interpreting this as a positive sign. 'This is what we call front-loading, and therefore you may see our exports grow, and our economy activities picking up,' he said. According to figures released by trade agency Enterprise Singapore on May 16, Singapore's non-oil domestic exports surged 12.4 per cent in April year on year, compared with a 5.4 per cent rise in March. Mr Gan said while the advance sales may boost export numbers, it is 'really no consolation'. 'You are just selling ahead of time, which means in time to come, the exports and production will slow down when they (importers) have already stocked up in the countries that we are exporting to,' he said, adding that the advance exports may also incur storage costs, especially if there are further changes to tariff policies. Join ST's Telegram channel and get the latest breaking news delivered to you.
