Singaporeans Upskill with SkillsFuture Credits in 2024

Singapore‘s SkillsFuture Initiative Sees Surge in Participation, Echoes Need for U.S. Workforce Advancement

Singapore’s SkillsFuture program is experiencing a significant uptick in participation, particularly among mid-career professionals. The success of this initiative offers valuable lessons for the U.S. as it grapples with its own workforce development challenges.

By Archyde News Journalist

April 10, 2024

SkillsFuture Credits Drive Reskilling and Upskilling

In 2024, approximately 260,000 Singaporeans leveraged their SkillsFuture credits, marking a substantial 35% increase from the previous year, according to SkillsFuture Singapore (SSG). This surge underscores the growing importance of continuous learning and adaptation in today’s rapidly evolving job market. Of those participating, 28,000 individuals tapped into their SkillsFuture mid-career credits, which were introduced in 2024.

The SkillsFuture initiative, launched in 2016, aims to promote a culture of lifelong learning among Singaporeans. The credits can be used to offset the cost of a wide range of courses and training programs, empowering individuals to acquire new skills or deepen existing ones.

For U.S. readers, this concept mirrors ongoing debates about federal and state-level workforce development programs. While the U.S. offers various training initiatives, such as those under the Workforce innovation and Prospect Act (WIOA), the SkillsFuture model provides a compelling case study in how to effectively encourage individual obligation and investment in skills development.

Mid-Career Boost: A Model for Addressing workforce Aging

Recognizing the specific needs of mid-career workers, Singapore introduced SkillsFuture mid-career credits in May 2024. Singaporeans aged 40 and above received an additional S$4,000 (US$2,900) to help them reskill or upskill. Younger Singaporeans will receive the same amount when they turn 40, and more than 7,000 courses are eligible to be used with the credits.

This targeted approach is particularly relevant in the U.S., where the workforce is aging, and many individuals are facing the prospect of longer working lives. The concept of providing dedicated resources for mid-career training could be a valuable strategy for addressing skills gaps and ensuring that older workers remain competitive.The success of this initiative hinges upon offering courses which are not onyl accessible, but also address relevant and applicable skills for individuals to acquire.

Focus on employment Outcomes

SSG emphasized that an increasing number of Singaporeans are enrolling in courses with clear employment objectives. Specifically, about 112,000 Singaporeans took up such courses in 2024, about 20 per cent more than in 2023, SSG said. These courses include full or stackable qualifications from institutes of higher learning, SkillsFuture Career Transition Programmes, or courses designed to meet progression requirements under the Progressive Wage Model.

Of those who took part in the 239 SkillsFuture Career Transition Programmes available in 2024, 54 per cent found employment within six months of completing the course, said the statutory board.

In the U.S., there’s a growing emphasis on aligning training programs with industry needs to improve employment outcomes. Community colleges and vocational schools are increasingly partnering with local businesses to develop curricula that address specific skills gaps. The SkillsFuture model’s focus on employment-driven training could offer valuable insights for these U.S. initiatives.

Quality Control and Relevance

SSG is actively working to enhance the quality and relevance of training programs. According to SSG chief executive Mr. Tan Kok Yam, the goal is to make it “as easy as possible” for people to find the courses they want and deliver the relevant data to help them make decisions. Moreover, SSG aims to build confidence in the training sector by improving the quality of courses and providers available.

Mr. Tan further stated, “Quality is always a work in progress, and this is why we always emphasise (keeping) an eye on improving the quality over time, allowing training providers … courses to innovate.” At the same time, SSG is “weeding out” courses that are “not performing” or outdated, and training providers that have become “less relevant over time”.

Training providers are expected to consistently review and raise training standards, said SSG in the press release on Wednesday. They must also undergo assessments and pass evaluations to maintain their eligibility for funding from the goverment.

The press release also read: “Stricter criteria on course renewal were also introduced, requiring courses to meet standards of performance and industry relevance to stay funded.Courses that do poorly will not be renewed for funding or may be removed from the course directory before the end of their validity and be required to make improvements before re-applying.”

The U.S. faces similar challenges in ensuring the quality and relevance of its workforce development programs.There’s a need for greater accountability and more rigorous evaluation of training providers to ensure that they are delivering effective and up-to-date instruction. Regular audits and performance-based funding models are potential strategies for improving quality control.

Metric	2023	2024	Change
SkillsFuture Credit Users	~193,000	~260,000	+35%
Mid-Career Credit Users	N/A	28,000	N/A (New Scheme)
Took Courses with Employment Objectives	~93,333	~112,000	~+20%
Online Learning Claims	266	2,655	~10x Increase

Employer Engagement: A Key to Success

SSG highlighted the importance of employer engagement in driving workforce development. Of the 24,000 companies that participated in SSG-supported programmes in 2024,95 per cent of them were small- to medium-sized enterprises,said the statutory board. Mr. Tan stated that more employers sending their workers for such training programmes is a “very positive development” as it shows that companies are investing in their workers and finding the courses relevant to their needs.

The press release indicated that the reason for this is that “This reflects both the rapid digitalisation across a broad spectrum of sectors in our economy,as well as the pace of change in the IT domain”.

In the U.S., there’s a growing recognition of the need for stronger partnerships between employers and training providers. Apprenticeship programs, which combine on-the-job training with classroom instruction, are gaining traction as a way to ensure that workers acquire the skills that employers need. Tax incentives and other policies can be used to encourage employer participation in workforce development initiatives.

Online Learning: Expanding Access and Versatility

Recognizing the increasing popularity of online learning, SSG added online learning platforms Udemy Business and Coursera to its course options in 2024. The number of claims for online learning subscriptions and courses saw a tenfold increase from 266 in 2023 to 2,655 in 2024, SSG noted.

this expansion reflects a broader trend toward online education and the growing demand for flexible learning options. Platforms like Coursera, Udemy, and edX have democratized access to education, allowing individuals to learn at their own pace and on their own schedule. Community colleges and universities are increasingly offering online courses and programs to cater to the needs of working adults.

What are the key things to consider when ensuring that courses provided meet industry standards and maintain a good standing?

SkillsFuture Success: An Interview with Dr. Anya Sharma on the Future of Workforce Development

Archyde News: Welcome, Dr. Sharma. ItS a pleasure to have you. Singapore’s SkillsFuture initiative has been making waves. As a leading expert in adult education and workforce development, what are your initial thoughts on its success?

Dr. anya Sharma: Thank you; it’s a pleasure to be here. The SkillsFuture program is impressive.The 35% increase in credit utilization, as reported in 2024, signifies a real shift towards lifelong learning. It’s a step in the right direction as our global workforce is constantly evolving.

Archyde News: The program seems to focus on mid-career professionals. can you elaborate on why targeting this demographic is critical, especially given the aging workforce trend?

Dr. Anya Sharma: Absolutely. mid-career workers, aged 40 and above, frequently enough possess valuable experience but may lack skills relevant to the rapidly changing demands of today’s job market. Providing them with dedicated funding provides a critical support system while investing in these workers. It ensures they remain competitive and contribute their expertise for many years to come.

Archyde News: the article highlights a focus on courses designed for specific employment outcomes. How crucial is aligning training with industry needs in a accomplished workforce development program?

Dr. Anya Sharma: It’s paramount. If training doesn’t lead to tangible employment opportunities, its value is diminished.The emphasis on courses, such as those leading to qualifications, is smart. The 54% employment rate within six months of completing the SkillsFuture Career Transition Programmes is a good indicator of a successful model.The success of these training programmes is key.

Archyde News: Quality control and relevance are key components of any successful program. What are the key things to consider when ensuring that courses provided meet industry standards and maintain a good standing?

Dr. Anya Sharma: Consistent evaluation for course relevance and quality can’t be overstated. Ongoing feedback mechanisms, from both students and employers, are essential. Also, having strict criteria for course renewal, as the Singapore program does, ensures that training providers remain accountable and responsive to industry changes.

Archyde News: Employer engagement also comes up as a key aspect of the SkillsFuture program. Could you elaborate on the importance of this, and what type of engagement is most effective?

Dr. Anya Sharma: Employer engagement is absolutely crucial. When companies are involved,it helps to ensure that training aligns with real-world needs. Apprenticeship programs, where on-the-job training is combined with classroom instruction, are an excellent example. Encouraging more employers to send their employees for these training programs shows they’re investing in their employees and finding the relevant courses to address the needs of business.

Archyde News: Online learning has seen a surge in popularity. How does the expansion of options like Udemy Business and Coursera within the SkillsFuture framework contribute to its success?

Dr. Anya Sharma: Online platforms dramatically increase accessibility and flexibility.Individuals can learn at their own pace, fitting training into busy schedules.The tenfold increase in online learning claims demonstrates the growing demand for these flexible options. with the right resources, people can reskill and upskill in a way that works for them.

Archyde News: Considering the SkillsFuture model’s success and the challenges in the U.S. workforce, what specific lessons can the U.S. take away from Singapore’s experience?

Dr. Anya Sharma: The U.S. could benefit from several key takeaways. The dedicated support for mid-career workers, the strong emphasis on employment outcomes, and the robust employer engagement strategies. The U.S. should look at how to incentivize and encourage individual obligation in adult education. The U.S. also has a great need to constantly monitor and maintain the quality control of programs to maintain a successful program, as well.

Archyde News: A final thought-provoking question, dr. Sharma. If you could implement one single change to enhance workforce development in any country, what would it be to ensure its citizens can compete in the evolving job market?

Dr. Anya Sharma: I would invest in bridging the communication gap between educational institutions, employees, and employers. This ensures the training is relevant, accessible, and directly addresses the needs of the job market.It’s not just about acquiring skills; it’s about ensuring those skills translate into meaningful employment to enable employees to thrive.

Archyde News: Dr. Sharma, thank you for your valuable insights. It’s been a pleasure.

Dr. Anya Sharma: Thank you for having me.