Following PM Wong’s National Day Rally speech, much attention has been devoted over the past two weeks to the announced Jobseeker Support scheme, the first unemployment benefit scheme in Singapore’s history.
Given the watershed moment that it is, it seems that much less focus was given to the even more generous SkillsFuture Level-Up programme, as well as the fact that both of these solutions can be stacked together for an enhanced payout.
You can receive a total of S$21,000 over six months
The Jobseeker Support will be extended to those who are unemployed involuntarily (i.e. laid off). They must have been paid an average of S$5,000 per month or less for the duration of their previous employment within the last 12 months to qualify for the benefit.
The payouts will total S$6,000 over six months, starting with S$1,500 in the first, dropping to S$1,250 in the second, S$1,000 in the third, and S$750 in the final three months, as a way to mobilise the recipient to accept an available job offer.
Meanwhile, the SkillsFuture Level-Up training allowance will be open to everyone over the age of 40 who wants to return to full-time education in search of upgrading their skills before looking for a new, better job.
The payout is capped at 50 per cent of your last salary or a maximum of S$3,000, but it can last for a total of 24 months over your lifetime (it depends on you how much time you devote to it at any given point in time).
But a little known fact is that both of these benefits can be combined.
If you qualify for the Jobseeker Support, it means you had earned a maximum of S$5,000, so your training allowance would be capped at S$2,500. If you now add both payouts together, you would receive between S$3,250 and S$4,000, for a total of S$21,000 over six months.
Of course, it’s not free money, as you are going to have to cover some of your training expenses and attend classes full-time in order to justify the benefit.
But for those earning below Singapore’s median of around S$5,000 per month, it’s surely a huge help in carrying the burden of re-skilling in their 40s or 50s, and may just be enough to save their careers or open new opportunities in a rapidly changing labour market, which could otherwise jeopardise their retirement.
Both programmes are to be launched in 2025, with Jobseeker Support slated for April and Skillsfuture Level-Up coming sometime early in the year. The benefits will be initially offered to Singapore citizens, with Permanent Residents receiving the coverage at a later date.
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Featured Image Credit: Prime Minister’s Office