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Singapore Budget 2020 Industry and Skills Upgrading Highlights
Singapore Budget 2020 Industry and Skills Upgrading Highlights
February 19, 2020
Announced on 19th February, the 2020 Singapore Budget includes measures to help affected tourism, aviation, retail, food and point-to-point transport service industries cope with the financial loss caused by the COVID-19 outbreak. The Stabilisation and Support Package is outlined below:
In addition, the Budget will encourage the growth of enterprises and market relevancy of workers by launching several packages aimed at supporting new and mature enterprises and workers of all ages, such as students, senior employees, and employees seeking a mid-career switch. These include:
The Enterprise Grow Package for new enterprises:
- Launch of GoBusiness, a portal for G2B transactions where businesses can easily and efficiently apply for licences they need.
- Expansion of Go Digital Programme for SMEs to drive greater adoption of digital technology
- Enhancement of Market Readiness Assistance (MRA) to help more enterprises enter new market
Enterprise Transform Package to deepen transformation of mature enterprises:
- New Enterprise Leadership for Transformation Programme to strengthen leadership capabilities in enterprises
- Scaled up reach of Enterprise Development Grant to support more enterprise transformation
Increased overseas exposure for youth:
- New Asia-Ready Exposure Programme to support local youths’ visits to ASEAN, China, or India
- “70-70” target — 70% of local graduates from Institutes of Higher Learning to have overseas exposure, and 70% of the exposure in ASEAN, China or India
- Enhanced support for internships under Global Ready Talent Programme
- More than double the capacity of SkillsFuture Work-Study Programmes to boost industry readiness in our students
Next bound of SkillsFuture to foster a culture of lifelong learning and skills mastery:
- $500 SkillsFuture Credit top-up for adult Singaporeans aged 25 and above
- Support for firms to train and redesign jobs for workers:
- New SkillsFuture Enterprise Credit to support firms in workforce and enterprise transformation
- Job redesign support via the Productivity Solutions Grant
SkillsFuture Mid-career Support Package to support career transitions:
- Special $500 SkillsFuture Credit top-up for Singaporeans aged 40 to 60
- Increased capacity of reskilling programmes to support more local workers in their 40s and 50s in career transitions, by equipping them with the skills necessary to entice employers to hire jobseekers aged 40 and above
Senior Worker Support Package to support senior employment:
- Senior Employment Credit to provide wage offsets for firms hiring Singaporean workers aged 55 and above
- CPF Transition Offset to offset half of the increase in employer CPF contribution rates for senior workers
- Senior Worker Early Adopter Grant to support enterprises that increase their Retirement and Re-employment Ages ahead of legislated changes
- Part-Time Re-employment Grant to encourage firms to formalise part-time re-employment provisions
For more information about Budget 2020, visit the official website.