Deputy Prime Minister and Finance Minister Heng Swee Keat delivered his Budget 2020 statement on 18 February 2020. In his speech, he announced some of the ways SSG and WSG will be helping both individuals and enterprises as part of Singapore’s response to the challenges in the new decade.
Enhanced Support under the Adapt and Grow Initiative
As part of the Stabilisation and Support Package, sectors directly affected by COVID-19 will get additional support. The affected sectors are: tourism, aviation, retail, food services. These sectors will receive support through redeployment programmes to help employers retain and reskill their employees.
The funding period for reskilling in these sectors will be extended from three months to a maximum of six months.
Next Bound of SkillsFuture
The Next Bound of SkillsFuture aims to further support Singaporeans to develop to their fullest potential throughout life, regardless of their starting points. The Next Bound of SkillsFuture will (1) enable individuals to continue learning, (2) enhance the role of enterprises in developing their workforce, and (3) have a special focus for mid-career workers through a new SkillsFuture Mid-Career Support Package for locals in their 40s and 50s, to help them stay employable and move to new jobs or new roles.
More details will be released during the Committee of Supply (COS) debate.