SINGAPORE - The newly announced SkillsFuture Credit top-up for mid-career workers is meant to help all Singaporeans progress through life and prevent inequality from growing, said President Tharman Shanmugaratnam on Feb 17.

In a Facebook post, he called the new scheme a “bold package of support” to help Singaporeans get back into a course of learning and “one of the most important initiatives for our future”.

Deputy Prime Minister Lawrence Wong had on Feb 16 in his Budget 2024 proposal unveiled a new SkillsFuture Level-Up programme targeted at Singaporeans aged 40 and above.

It included a $4,000 top-up of SkillsFuture credit to be used for selected courses with better employability outcomes.

Younger Singaporeans will also receive the top-up when they reach the age of 40.

The programme also includes a monthly training allowance for Singaporeans aged 40 and above who enrol in selected full-time courses, as well as subsidies for them to pursue another full-time diploma.

Mr Tharman noted that in almost every country, learning during working life is quite unequal.

Professionals, and those who had more education when they were young, do even more learning compared with ordinary workers. They therefore move even further ahead, he said.

“We have to buck this trend in Singapore.  Invest in every worker’s learning, making it affordable and convenient for them. Help those who take some years off to raise a family, or take time off to be a caregiver, to come back to work with new skills and feeling invigorated,” he said.

He encouraged Singaporeans to take on this “second wave” in their lives as they reach middle age, to learn something solid – “not for grades, and not as a burden”.

“But as a way to keep growing in our careers, or switch to something new. And equally important – to make life more varied, and satisfying as we get older,” he said.

Another critical reason why Singaporeans must make learning a way of life is that Singaporeans are not just getting older but living longer, said Mr Tharman.

He cited research showing that when people keep their minds working and are socially active, they live healthier and more fulfilling lives. This reduces the chances of dementia setting in later.

“Diet and exercise are critical, but so is keeping our brains active. So take that second wave. Learn something new,” he said.

“And stay engaged at work that we find satisfying, full-time or flexible, or as a volunteer. For as long as we can.”