Come October this year, the SkillsFuture initiative for the matured workforce will kick in when Singaporeans 40 years old and above will receive 90 percent funding for any WDA-approved program. In addition, all Singaporean working adults 25 years and above will have a SkillsFuture credit of $500 to their name come January 2016. They can use this credit to pay for the unfunded portion of all WDA- and MOE-approved programs, potentially making the programs they attend free of personal charge (the program is not free, of course! It's just that the government foots the bill.) This is a great initiative by the government as they encourage people to take more personal responsibility for their self-development, allowing them to experiment, and lower the cost of failure. In this article, we uncover 6 reasons why the SkillsFuture program is a world's first in ramping up the skills level of Singaporeans!
1. Covers the cost of learning
Some programs can be costly. By covering the cost of learning, SkillsFuture helps all Singaporeans bridge the money divide, thereby giving everyone a chance to skill up.
2. Underwrites the cost of failure
What if you realise that the program you signed up for is ultimately not for you? Well, that's fine! Because the government has covered the cost of the program, you can afford to make a mistake in the type of program you attended. And let's be honest, you still learnt something even if you realised that it was not for you, right?
3. Has great leverage
Let's say you are 40 years old. With the $500 SkillsFuture credit, you can potentially go for programs totalling $5,000! That can even get you an advanced diploma under the WDA framework! All sponsored by the government! What a fantastic leverage that the government is offering to Singaporeans to level the playing field. Speaking of which...
4. It levels the playing field
One of the key problems that Singaporeans had against foreign talent is that they come in at a lower price with higher qualifications. With SkillsFuture, we can improve on our qualifications at the government's expense! Talk about levelling the playing field!
5. It develops everyone!
It doesn't matter if you were a carpenter in the past, or a plumber. You can use SkillsFuture to become someone you always wanted to be! Because it does not discriminate against your past education - or lack of it - it is a great initiative to develop everyone!
6. Develop your passions
You don't have to stick to your own industry. Use SkillsFuture to develop your passions and who knows that from there, you can be the next Gordon Ramsey, or Pablo Picasso. It allows you to build on your passions, developing your hidden talents into a gem to sustain you through the next lap.
The SkillsFuture initiative is more than simply paying your developmental tuition. It is a means to help each and every Singaporean to find his/her voice in the new world of becoming someone of significance. And it helps you do it on your own time and own space. This is a fantastic opportunity nobody should give up!