How to Make Full Use of Your SkillsFuture Credit: A Complete Guide
9 Jun 2021
4 min read
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The evolution of the workforce and the jobs of the future are moving toward a skills-based economy, "where skills themselves are the currency of the future," said Alex Kaplan, global leader of Blockchain and AI for Industry Credentials at IBM. 1 This is all driven by an ever-expanding suite of new technologies, sectors and markets, a recipe that will lead towards mass displacement of jobs.
In fact, jobs such as telemarketers, mail sorters and executive secretaries have already witnessed a more than 40 percent decline in employment from 2007 to 2018 in the US alone 2 , with this trend set to continue and even affect other more highly skilled roles. Conversely, computer occupations are set to experience exponential growth, particularly in software development and the Internet of Things (IoT), with software developers among four occupations adding the most jobs in the next decade. 3
Obviously, this makes upgrading our skills or upskilling a greater priority than ever, an exercise that can prove costly in some cases. Thankfully in Singapore, most of us can utilise our SkillsFuture Credit to ease the burden on our wallets.
What is SkillsFuture Credit?
Aimed at encouraging individuals to embark on lifelong learning, SkillsFuture Credit is a credit for all eligible Singapore citizens to acquire new skills or enhance existing ones, and can be used across a wide range of courses, including:
- SGUnited Skills courses
- SGUnited Mid-Career Pathways Programme
- Career Transition Programmes
For ease of reference, a full list of SkillsFuture Credit-eligible courses can be found on the MySkillsFuture site . From data analytics to practical management skills, the variety of programmes spans across multiple industries, with differing programme durations to suit both busy executives and those in the midst of seeking more permanent employment.
Since 2016, Singapore citizens who turn 25 will receive an opening credit of $500. 4 But that’s not all, as an additional $500 SkillsFuture Credit top-up was provided to eligible Singapore citizens on 31 December 2020 with the goal of encouraging them to upskill and seize opportunities in the future economy. Additionally, another one-off SkillsFuture Credit of $500 was distributed to qualifying Singapore citizens aged 40 to 60 to further improve their access to career transition programmes.
During course registration, you will need to inform your Training Provider that you intend to utilise your SkillsFuture Credit in part or full for the course fee. Submitting your SkillsFuture Credit claim can be done after registering for your selected course with a training provider, and can be successfully accomplished in no more than six simple steps illustrated on the MySkillsFuture portal.
Easy enough, right? Better yet, that’s not all the financial assistance you can look forward to while upskilling!
Professional Development at SIM PDEL
Should you choose to advance your professional development with SIM PDEL, an exciting array of executive programmes and Business Insights events await. Apart from SkillsFuture Credit, these are also supported by a couple of other funding schemes as follows:
- SkillsFuture Singapore Funding – Funding is available for employer-sponsored and self-sponsored registration. Eligible for up to 90%* funding subject to Terms & Conditions being met.
- Union Training Assistance Programme (UTAP) – Union Training Assistance Programme (UTAP) is a training benefit for NTUC members to defray their cost of training. NTUC members enjoy 50% unfunded course fee support for up to $250 each year upon signing up for courses supported under UTAP.
With the abovementioned funding options sorted out, perhaps the only thing left to work out is: what should you study? To keep things simple, here are just some of the short-term SkillsFuture Credit-eligible professional courses at SIM PDEL to give your career a little boost:
- Hyperledger Blockchain Practitioner Course – Learn to identify critical areas for the adoption of enterprise-grade blockchain solutions through the implementation of smart contracts en route to an IBM Blockchain Practitioner Badge.
- Leading Organisational Change – Become an effective leader that can catalyse and support positive changes in structure, products & services, organisational culture and people.
- Design Thinking – Discover different innovation strategies that have been successful in identifying fresh customer insights and developing testable prototypes for more optimal business solutions.
Remember, it’s never too late to upskill. Simply go through the SIM PD’s SkillsFuture funded courses to get started!
1 HR Dive, 5 Nov 2020: 'Skills are the currency of the future': The rise of a skills-based economy
(https://www.hrdive.com/news/skills-currency-future-skills-based-economy/588475/)
2 World Economic Forum, Oct 2020: The Future of Jobs Report 2020
(http://www3.weforum.org/docs/WEF_Future_of_Jobs_2020.pdf)
3 Forbes, 11 Jan 2021: Here Are Fast-Growing Jobs For The Future
(https://www.forbes.com/sites/jackkelly/2021/01/11/here-are-fast-growing-jobs-for-the-future/?sh=553a53775d84)
4 MySkillsFuture: SkillsFuture Credit
(https://www.myskillsfuture.gov.sg/content/portal/en/career-resources/career-resources/education-career-personal-development/SkillsFuture_Credit.html)