C.16. The next stage concerns what happens after we graduate
from school and tertiary education. We will invest continually in
Singaporeans, throughout their careers.
C.17. We will create a SkillsFuture Credit for
all Singaporeans. NTUC and several Members of Parliament have
previously suggested a scheme of this nature.
C.18. Each Singaporean 25 years old and above will receive an
initial credit of $500 from 2016. We will make further top-ups to
their SkillsFuture Credit at regular intervals. These credits will
not expire, but can only be used for education and training.
C.19. We have decided to spread out the top-ups over the course
of a person’s life for two reasons.
a. First, there is no need for anyone to rush
to use their credit. While some may use their initial $500
immediately for a short programme, others may want to accumulate
credits to engage in more substantial training later in their
career.
b. Second, we need time to develop quality
offerings in our SkillsFuture landscape that are relevant to jobs
and individuals’ future careers. We must go for quality training
which will open up career possibilities for individuals, and that
employers find relevant.
C.20. The SkillsFuture Credit can be used for a broad range of
courses supported by government agencies. These will include
courses offered by our Institutes of Higher Learning and accredited
education and training providers, as well as a range of courses
that are funded by the WDA.
C.21. To complement this, every Singaporean will be given an
online Individual Learning Portfolio – a one-stop education,
training, and career guidance resource to help them plan their
learning starting from their time in secondary school.
C.22. To cater to fresh graduates from our Polytechnics and ITE,
we will launch a SkillsFuture Earn and Learn
Programme in 2015. It will give them a head start in their
careers.
C.23. The graduates will be matched with suitable employers.
They will start working and undergo structured on-the-job training
and mentorship, while they study for an industry-recognised
qualification.
C.24. Both trainees and employers who sign up for this programme
will receive substantial support from the Government. This will be
done in a phased way, eventually covering up to one in three
polytechnic and ITE graduates.
C.25. We will enhance subsidies for mid-career Singaporeans.
C.26. First, education and training subsidies
for all Singaporeans aged 40 and above will be enhanced to a
minimum of 90% of training costs for courses funded by MOE
and WDA.
C.27. This additional support from the Government recognises the
opportunity costs that mid-career Singaporeans face when they go
for education and training.
C.28. These subsidies are significant:
a. For a part-time undergraduate course such as a
Bachelor of Engineering, which is already subsidised, the total
fees payable by a student will be reduced by 60%, from about
$17,000 to $6,800.
C.29. Second, Singaporeans will now be able to enjoy
multiple subsidies from MOE for modular courses –
at all levels, and regardless of age. This flexibility of modular,
continuous learning will help individuals, who will often have to
balance family and career together with their learning. Many
individuals may prefer to go for several bites of short courses,
rather than to go for a long course.
C.30. We will implement these enhanced subsidies later in the
year.
C.31. Beyond the SkillsFuture Credit and these broad-based
subsidies, we will provide special support for Singaporeans seeking
to develop deep skills in particular fields.
C.32. First, we will introduce SkillsFuture
Study Awards. They will support individuals who wish to
develop the specialist skills required for our future growth
clusters. For example, they may include software developers,
satellite engineers or master craftsmen. The awards can also
support those who already have deep specialist skills and wish to
develop other competencies such as business and cross-cultural
skills. At this stage, we are not setting a cap on the number of
awards, but it should eventually be about 2,000 study awards per
year. We will introduce the SkillsFuture Study Awards in phases,
starting this year.
C.33. Second, we will introduce SkillsFuture
Fellowships, to develop Singaporeans to achieve mastery in
their respective fields. We will award about 100 fellowships a
year, which can be used for a range of education and training
options, in both craft-based and knowledge-based areas. It will be
funded from the SkillsFuture Jubilee Fund, which will be financed
by voluntary contributions from employers, unions, the public and
the Government. This broad-based involvement signifies everyone
being a stakeholder. The SkillsFuture Fellowships will be
introduced from 2016.
C.34. The SkillsFuture Study Awards and Fellowships will be
mainly used to develop deep skills and mastery in the growth
clusters of the future. But we will be open to those who want to
develop themselves in fields that they are really passionate about,
that may not be in these growth clusters. Take individuals like
Edwin Neo, for example. He was trained in interior
design, but developed a passion for making high quality
European-style shoes. He went to train under a master shoemaker in
Budapest and came back to found his own company. He is doing well,
selling both ready-to-wear shoes and upmarket bespoke
creations.
C.35. Finally, we will work with companies to grow
Singaporean corporate leaders under the SkillsFuture
Leadership Development Initiative. This initiative will
provide support for companies who commit to developing a pipeline
of Singaporeans to take on corporate leadership roles and
responsibilities in the future. This too is important.