Singaporeans are living longer, much longer. In our early years of independence, life expectancy was around 65.
Most people would retire at 55 and then plan for about ten years of retirement.
Nowadays, life expectancy is close to 85. In fact, many more babies born today can expect to live to 90 or even 100, but, as a society, we have yet to fully grasp the implications of what it means to have an increased lifespan.
One important area is to rethink our attitudes about the world.
In the past, many will find a job, stick to it, and strive to excel within the industries they have chosen. With longer life spans, it will no longer be such a straightforward, lenient progression.
There are, of course, benefits to working because it keeps us active as we age and promotes a sense of identity and purpose.
However, we are more likely to have considered career switches and transitions across different stages of life, and this world requires a different form of lifetime management.
For example, we may want to take time off for occasional breaks and sabbaticals, especially to discover what we really want to do in life.
We could update our skills together to different areas in our 40s or 50s. And we would progressively shift to jobs with fewer demands and more flexible arrangements as we get older.
All this may seem rather daunting.
However, the Singapore government is looking to provide support by significantly strengthening SkillsFuture.
Even younger workers have to reskill and upskill
How can SkillsFuture help you for young Singaporeans entering the workforce?
You would be equipped with the latest knowledge and skills from school, but you will still need to learn and sharpen your skills based on your work requirements. You can use your SkillsFuture credits to do so.
Mid-career and senior workers matter, too
Mid-career workers, especially those who are 40 and above, face more challenges in upgrading their skills.
It’s also harder for them to take time off from work because they have more responsibilities, including for their families. That’s why we had the new Skillsfuture Level-up Programme.
Let’s say you want to pursue a full-time six-month course on coding.
Your employer is willing to let you take time off for this, but at your own cost and with no pay. So what can you do?
The Singapore government provides an additional $4,000 in SkillsFuture credit, which you can use to pay for course fees. From early next year, you can receive a training allowance of up to $3,000 a month while pursuing your course.
Everyone age 40 and above will have 24 months’ worth of training allowance, so this will provide many opportunities for continued skills upgrading and open up many options later in line.
For example, after working for some time in a professional area like engineering or finance, you may want to switch to a different view, like education or social work, or you may want to pursue your interest in the arts. You can consider taking up a full-time diploma at one of our polytechnics, NAFA, or Lasalle College of the Arts.
The diploma will be offered at subsidised rates, and you can continue to tap on the monthly allowance as you work on the diploma.
I described the situation where we take proactive steps to upgrade our skills and change careers. But from time to time, we face unexpected and involuntary stumbles in life. Individuals may be retrenched and lose their jobs.
The government can help you get through these setbacks through the new SkillsFuture Jobseeker Support scheme from April 2025 onward, and those who are involuntarily unemployed can apply for temporary financial support of up to $6000 over a period of up to six months.
On top of this, you can access your SkillsFuture credits and receive a training allowance.
Adding it all together, it amounts to a significant package of help to support you in your reskilling efforts, find a new job and bounce back stronger.
Thinking of careers as multi-stage
Navigating all of these changes can be a bit overwhelming.
This is why we have launched a personalised advisory service to help you start your reskilling and upskilling journey so that you can be better prepared for this changing future.
I know some Singaporeans are concerned about the challenges that come with longer life spans. We are afraid of ending up with more frailty and sickness.
We want time to relax and enjoy and not face the endless drudgery of exhausting work. Ultimately, we all want a life filled with meaning and purpose to make the most of the extra time we have on earth.
We have to stay active and healthy and keep on learning and striving to excel in all that we do.
This is why SkillsFuture is so important, as it will enable us to seize the many new opportunities as we embark on multi-stage careers through life.
There will be uncharted paths to explore and untapped potential to realise. This journey is an adventure in which we are all invited to participate.
The government is committed to supporting you every step of the way and equipping all Singaporeans to become the best versions of themselves!
(Main Image: YouTube)
