SINGAPORE: In an impressive development, around 260,000 Singaporeans tapped into their SkillsFuture credits in 2024, marking a significant 35% increase from the previous year, according to a report published by SkillsFuture Singapore (SSG) on April 9. This reflects a growing commitment among Singaporeans to enhance their skills and career trajectories.

Among these, approximately 28,000 Singaporeans took advantage of the newly introduced SkillsFuture mid-career credits after the scheme's launch in May 2024. For those aged 40 and above, a substantial addition of S$4,000 (about US$2,900) was made available to support their ongoing education. Interestingly, younger Singaporeans will also receive this amount once they reach 40, facilitating a smoother transition for ongoing education. More than 7,000 courses qualify for funding through these credits, offering diverse options for skill enhancement.

The SSG highlighted a significant shift towards courses directly linked to employment objectives, as evidenced by about 112,000 Singaporeans enrolling in such programs—an increase of 20% compared to 2023. Courses available for mid-career credits encompass full or stackable qualifications from recognized institutes of higher learning, SkillsFuture Career Transition Programmes, and those aligned with the Progressive Wage Model.

Notably, participants in the 239 SkillsFuture Career Transition Programmes that were offered in 2024 found a remarkable 54% employment rate within six months of course completion, showcasing the program's effectiveness in enhancing employability.

To further stimulate the utilization of mid-career credits, SSG plans to simplify the course discovery process for Singaporeans, aiming to provide relevant information to aid their decision-making. SSG's chief executive, Mr. Tan Kok Yam, emphasized the need to build trust in the training sector by continuously improving the quality of courses and training providers.

As part of their initiative, SSG will phase out underperforming courses and obsolete training providers to ensure a high standard of education. Around 15% of audited training providers in 2024 were either removed or chose to withdraw from the scheme due to issues pertaining to course quality. Stricter renewal criteria have also been implemented, ensuring courses meet established performance standards and industry relevance to retain funding.

Employers Taking Action in Workforce Training

Since the inception of the SkillsFuture initiative in 2016, approximately 1.05 million Singaporeans have availed of their credits. A closer analysis reveals that 44% of those aged between 30 to 59 years have utilized these credits, with 14% attending employer-sponsored programmes supported by SSG.

In 2024, an overwhelming 95% of the 24,000 companies participating in SSG-supported programmes were small to medium-sized enterprises, emphasizing a positive trend in employers investing in their workforce. This commitment reflects an understanding of the relevance of such courses to meet shifting industry demands.

Furthermore, there has been a notable interest in IT-related courses focusing on vital areas such as artificial intelligence, cybersecurity, and digital marketing—an indication of the rapid digital transformation across various sectors in Singapore's economy.

In an effort to expand learning options, SSG added online platforms like Udemy Business and Coursera to its course repertoire in 2024. The uptake of online learning subscriptions saw a staggering tenfold increase, jumping from 266 claims in 2023 to 2,655 in 2024, highlighting a substantial pivot to digital education.

In summary, the rising number of Singaporeans utilizing SkillsFuture credits to upgrade their skills illustrates a proactive approach towards career development and adaptability in an ever-evolving job market. With the continuous support of employers and the government, more individuals are likely to thrive in their professional journeys in the years to come.