What is SkillsFuture Credit (SFC)?

Launched in 2015, the SFC aims to encourage individual ownership of skills development and lifelong learning. All Singaporeans aged 25 and above will receive an opening SFC of $500 (“Opening SFC”). The opening credit will not expire and individuals can use their credit for a range of eligible courses listed on the MySkillsFuture portal.

On 1 October 2020, the Government provided a one-off SFC top-up of $500 for all eligible Singaporeans aged 25 or above by 31 December 2020. Termed the “One-Off SkillsFuture Credit Top-Up”, these credits will expire on 31 December 2025. At the same time, the Government also provided Singaporeans aged 40 to 60 (inclusive) as of 31 December 2020 an additional $500 credit [“Additional SkillsFuture Credit (Mid-Career Support)” which will also expire on 31 December 2025].

On 1 May 2024, the Government provided Singaporeans aged 40 and above an additional $4,000 credit (“SkillsFuture Credit (Mid-Career)”). At the same time, the Government lifted the expiry date of the Additional SkillsFuture Credit (Mid-Career Support), i.e., it will not expire when it reaches its maturity date on 31 December 2025. The remaining credit balance from the Additional SkillsFuture Credit (Mid-Career Support) will merge with the top-up of $4,000 to form the new SkillsFuture Credit (Mid-Career).

For example, if you are an individual aged 40 and above as of 1 May 2024, if you have used $300 from your Additional SkillsFuture Credit (Mid-Career Support) account, your balance of $200 will be brought over to your new SkillsFuture Credit (Mid-Career) account. Therefore, you will see a total of $4,200 in your SkillsFuture Credit (Mid-Career).
 

This information provided here is sourced from the SKILLSFUTURE website.