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 as 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)”).  The top-ups provided in Budget 2020 are one-off and time limited. Younger Singaporeans who are under 25 are not eligible for the top-ups from Budget 2020, but they will receive the opening credit of $500 when they turn 25.

On 1 May 2024, the Government provided Singaporeans aged 40 above an additional $4,000 credit (“SkillsFuture Credit (Mid-Career)”). Subsequent cohorts of Singaporeans who turn 40 will receive their SkillsFuture Credit (Mid-Career) in January of that year. 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 who was 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 would have a total of $5,200 SkillsFuture Credits made up of $500 (Opening SkillsFuture Credit), $500 (One-off SkillsFuture Credit Top-Up) and $4,200 SkillsFuture Credit (Mid-Career).

The Government will continue to assess the need for SFC top-ups from time to time taking into consideration factors such as Singapore’s fiscal and economic position, the SFC utilisation rates and the overall training participation rate. 

This information is sourced from SKILLSFUTURE