SKILLS FUTURE CREDIT – FAQs
FAQ's - SKILLS FUTURE CREDIT
What is the SkillsFuture Credit?
The SkillsFuture Credit aims to encourage individual ownership of skills development and lifelong learning. All Singaporeans aged 25 and above will receive an opening credit of S$500 from January 2016. Your credit will not expire and the government will provide periodic top-ups, so you may accumulate your credit.
Which government agency is administering the SkillsFuture Credit?
It is administered by the SkillsFuture Singapore Agency (SSG).
Why is the SkillsFuture Credit only for individuals? Will the Government extend support to employers?
The SkillsFuture Credit aims to strengthen individual ownership of skills development and lifelong learning. Hence it is only for individuals.
Currently, employers are eligible for subsidies ranging from up to 50% to 90% of course fees for SSG-supported courses. Under the Enhanced Training Support Scheme for SMEs, SMEs receive up to 90% course fee subsidy when they sponsor their employees for training. Under the Workfare Training Support (WTS) scheme, both Small and Medium Enterprises (SMEs) and non-SMEs who sponsor their employees drawing monthly salary not exceeding $1,900 can receive 95% course fee subsidy. Employers who sponsor their workers aged 40 years and above can also receive up to 90% course fee subsidy. Employers are strongly encouraged to tap on these assistance schemes specially designed for them. In addition to course fee subsidies, sponsoring employers will receive absentee payroll support.
Employees who are sponsored by their employers to go for training should not have to tap on their own SkillsFuture Credit to pay for course fees, as their course fees should be paid by their employers.
When will I receive top-ups to my SkillsFuture Credit account?
The Government will make periodic top-ups to Singaporeans’ SkillsFuture Credit Accounts. No decision has been made on the timing and quantum of the next top up.
Is the SkillsFuture Credit a cash account? Will the credit earn interest?
The SkillsFuture Credit is not a cash account. It will not earn any interest and the credit is non-transferable and lapses upon a change of citizenship or death. The credit can be used to pay for out-of-pocket course fees for attending approved courses. You cannot withdraw cash from this account to pay your training provider as the transactions will be made directly through the SkillsFuture Credit Portal.
I am a Singapore citizen turning 25 next year. When will I receive my credit?
You will receive your account activation letter in January, the year you turn 25. You may proceed to make SkillsFuture Credit claims upon receipt of your account activation letter.
For more FAQs regarding Skills Future Credit, please visit:
*Current GIG courses that are applicable for Skills Future Credit
Cambridge International Certificate in Teaching and Learning (CICTL)