The government will invest more money in the coming years to strengthen the Skills Future system, support Singaporeans in dealing with economic transformation and seize better job opportunities.

Prime Minister and Finance Minister Wong Xuncai assured Singaporeans on Friday (February 28) that they will receive more support to deal with economic transformation.

He stressed the importance of cultivating local talents, especially through various SkillsFuture projects, to help mid-way demobilizers and involuntary unemployed people.

Huang Xuncai said the government will invest more money in the next few years to further strengthen the Skills Future system.

“We can't keep every job, but we will support every Singaporean worker. We will create more development opportunities, better jobs, and benefit all Singaporeans.”

Further reading

Skills Development Prosperity Advanced Plan Expands Benefits

Skills Development Prosperity Advanced Plan Expands Benefits

Starting from the second half of next year, the company will receive a new version of the skills development subsidy of 10,000 yuan

Starting from the second half of next year, the company will receive a new version of the skills development subsidy of 10,000 yuan

Prime Minister Huang said several MPs expressed concern about the high cost of doing business. He stressed that the government will closely monitor the cost competitiveness of enterprises and provide short-term assistance when necessary without weakening the motivation for enterprises to reorganize.

He called on retailers to adapt to changes, rethink their business models, and illustrate it with the example of Phoon Huat, a baking material store. Founded in 1947, Fenfa started as a small store in Tiong Bahru, and now has its own production facilities, distribution centers and 20 retail stores. In addition, it also establishes an e-commerce platform to sell products to overseas customers.

“This type of innovation and transformation is the key to the company's competitiveness and sustainable development,” he said.

Prime Minister Huang reiterated that the government has proposed a number of support plans, such as the SkillsFuture Workforce Development Grant, the updated Refreshed SkillsFuture Enterprise Credit and the Enterprise Compute Initiative.

“We will continue to listen to feedback from the Chamber of Commerce and industry associations to ensure that policies effectively promote corporate development.”