What Is SkillsFuture & How Do I Claim SkillsFuture Credits
SkillsFuture is a government initiative launched in 2015 to help Singaporeans develop their skills and abilities.
The program provides Singaporeans with access to many learning opportunities, including courses, training programs, and workshops.
Many business owners have been taking on business loans to send their employees for training.
The goal of the program is to provide all Singaporeans with the opportunity to develop their skills to be more employable and productive members of society. This blog post will discuss what SkillsFuture is, how you can claim your SkillsFuture credits, and some courses to consider.
What Is SkillsFuture?
SkillsFuture is a national initiative in Singapore that aims to help individuals develop their skills and capabilities throughout their lives. The SkillsFuture program offers a variety of courses and programs to help Singaporeans upgrade their skillsets.
For example, SkillsFuture offers courses on financial literacy, entrepreneurship, baking, etc.
In addition, the SkillsFuture program also provides funding for companies to offer training opportunities for their employees. For instance, SkillsFuture will provide funding for companies to provide on-the-job training, internships, and apprenticeships.
That’s definitely something your business can be interested in.
Ultimately, SkillsFuture is designed to help individuals stay relevant in the ever-changing workforce and make lifelong learning a habit.
How Much Is The SkillsFuture Credit?
The SkillsFuture credit is a $500 credit that all Singaporeans aged 25 and above can use to pay for approved skills-related courses. The credit does not expire and can be used on top of existing course subsidies.
That sum isn’t exceptional. So what’s the fuss about?
The great thing about the SkillsFuture credit is that it can be used for a wide range of courses. The credit can also be used for certain work-related expenses, such as attending conferences and workshops.
In short, the SkillsFuture credit gives you more flexibility in how you use it. And since it doesn’t expire, you can use it whenever you need to upgrade your skills.
How Do I Claim My SkillsFuture Credit?
If you are a Singaporean aged 25 and above, you can claim your SkillsFuture credit by logging into your account on the SkillsFuture website. Once you have logged in, you will have to submit a claim.
This is where the fun starts.
If you haven’t applied for your SkillsFuture credit before, you’ll need to fill in your profile. This includes your details, education background, and employment history. Next, you’ll have to pick a course and fill in its cost.
That’s a problem.
You have to pay for your course first and get the money later. In fact, SkillsFuture will wire this amount to your course provider, not your account. However, you can quickly review your application’s status on their website.
How To Find SkillsFuture Courses?
SkillsFuture has challenging navigation because it looks cluttered and confusing. You’ll have to tackle various sections to find the ones you need. However, it’s still possible to find information on the website.
The SkillsFuture website is divided into sections, and each unit has its own set of pages. For instance, “Programmes for You” includes information on courses, funding, and career advice. It’s essential to choose the correct section for your needs.
Take the “Students” part, for instance. This category includes many opportunities, from career guidance to programmes and internships aimed explicitly at students.
The nice touch about this website is having two separate sections for employees in their early and mid-career.
From that perspective, mid-career workers have more learning options and fellowships to adapt to the ever-changing economic landscape.
SkillsFuture also has a section on “Employers and Partners”, which provides resources for businesses like yours. You’ll need these tools to help your employees find the best solutions that meet your needs as a company and theirs.
You can also look at the other sections on this website before choosing your course. The two most important ones are:
- e-Services: Several options you can access online
- SkillsFuture stories: Other people’s work experiences and how they used this website to their advantage
How Do You Pick the Right SkillsFuture Course?
SkillsFuture courses come in all shapes and sizes, which can make choosing the right one a bit of a daunting task. Let’s review the factors you’ll have to consider:
1. Price
Price is often a major deciding factor for many people. After all, nobody wants to spend more than they have to. SkillsFuture courses range in price from free to several thousand dollars, so it’s essential to do your research before deciding.
Of course, the old adage “you get what you pay for” is often true, but that doesn’t mean that the most expensive class is always the best. In the end, it’s crucial to find a balance between price and quality that meets your needs.
2. Eligibility Claim Period
If a course is no longer eligible, consider skipping it and finding something similar. You can use the advanced search option on the SkillsFuture website for that.
Otherwise, if you have more free time on your hands and have fallen irremediably in love with a course, you can:
- Wait for it to become available
- Contact the provider and see when they’ll hold the module again
But the best bet is to find something similar and within the same budget.
3. Duration
If you’re looking for a quick way to pick up new skills, shorter courses are probably the way to go. On the other hand, you may be hoping to make a more significant career change for yourself or one of your employees. From that perspective, prolonged courses will give you the time to learn and master new concepts.
Match the duration of the course with your goals and needs.
For example, if you know you’ll be taking a break from work for a few months, choose a longer course. You won’t have to worry about rushing to complete it while also tackling your job and family life. If you’re eager to get started on your learning journey, you might prefer a course with a shorter claim period.
4. Training Mode
Each option has its advantages and disadvantages, so it’s important to think about what would work best for you.
Part-time courses are often more flexible, allowing you to study around your other commitments. They can also be cheaper than full-time courses.
Part-time courses can take longer to complete, and you may not have the same level of support from your peers and tutors.
Full-time courses don’t have those problems.
These modules are generally more intensive, and you’ll have the opportunity to network with other students. You’ll also have more support from your tutors, as they’re typically available during business hours.
But they’re not perfect either.
Full-time courses can be more expensive, and you may need to take time off work or rearrange your commitments to attend.
5. Language
If you’re a Singaporean who only speaks English, you might be wondering if you’ll be at a disadvantage when it comes to taking a course that’s offered in Chinese or another dialect.
Fortunately, the SkillsFuture website offers a handy tool to filter courses by language. So whether you’re looking for an English-language class or one in another language, you should find something that’s a good fit.
6. Job/Study-Related Requirements
Some SkillsFuture courses have strict prerequisites, while others are open to anyone interested in the subject.
For example, a course on financial planning might require applicants to have a basic understanding of accounting. In contrast, a class on cake decorating would be open to anyone regardless of their prior experience.
When choosing a SkillsFuture course, check whether you meet the minimum qualification requirements.
SkillsFuture Available Courses
Let’s see some of the modules you can apply for:
Corporate Tax Workshop for Non-Tax Professionals
Are you the CEO of a small or large organisation or a manager or executive in a finance or non-finance role?
If so, you would benefit from this workshop explaining essential tax laws and practices in Singapore, plus practical tax planning techniques. The theoretical side is supported through examples, illustrations and case studies. That way, you will understand how to apply this info to real-life situations.
The Art of Influencing with Social Media and Content Marketing
Being an influencer implies much more than that one picture on Instagram or that 1-minute video on TikTok. This course helps you learn how to build marketing strategies and measure their efficiency with specific metrics.
You’ll tackle the specifics of various social media platforms and develop content strategies for each of them. You’ll also learn valuable tools and techniques to attract a loyal community around you.
Make Basic Cakes
If you want to open a home-based business, a cake baking company is a solid plan. However, this business entails more than copying recipes you find online.
The course teaches you how to make basic cakes, but also how to work in a professional kitchen. You’ll learn professional practices, how to choose the right tools, and how to improve your own performance.
And even if it sounds difficult to believe, you’ll also learn fundamental baking theories, principles, and processes.
Wrapping Up
Investing in your employees is probably one of the most underrated business strategies.
So, whether you’re looking for a part-time or full-time course, there’s something on the SkillsFuture website that will suit your needs. And with so many classes to choose from, you’re sure to find one that piques your interest – no matter what your job or study-related requirements may be.
However, some classes are more expensive than others.
Just look at the accounting course above. The one we analysed costs merely $585, but you can find plenty of others in the five-figure range.
Remember that it’s essential not to compromise where your education is concerned. It’s better to invest a bit more now and get a lot more out of it later.
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