'These incentives will encourage workers to upskill themselves'
In the wake of the newly unveiled Budget 2024 in Singapore, businesses are commending the latest initiatives of the government to help upskill the workforce in the wake of technological advancements.
Among these initiatives include the additional $4,000 top-up in the SkillsFuture Credit of mid-career workers in May. Below are the commentaries of various organisations on the measure:
Jonathon Dixon, VP & Managing Director, APJC, Cloudflare: “Technological disruption will only amplify as AI becomes more mainstream in the workforce. AI is going to be an integral part of doing business going forward, and the technology has the potential to create new jobs and augment existing ones.
“The onus will be on all stakeholders involved, including the government, technology companies and educational institutions, to create viable pathways for employees to leverage AI skills and complement the roles they already fulfil at work. The SkillsFuture enhancements announced in the Budget will enable workers to upskill and take on roles in demand, such as those in AI and cybersecurity.”
Pannie Sia, General Manager, ASEAN, Workday: “The commitment to upskilling and the support extended in SkillsFuture is also encouraging. Beyond addressing immediate business needs, upskilling and growing talent is important in ensuring the workforce remains competitive.
“Encouraging businesses to enhance the digital skills of their workforce will create a labour force adept at navigating the evolving technological landscape. The greater support for upskilling aligns seamlessly with the broader strategy of cultivating a skills-based economy.”
Seong Kim Ho, Chief Executive Officer, Singapore Institute of Management Academy: “For Singapore to retain its position as a leading global business hub, it is critical that lifelong learning, and continuous skills upgrading throughout life, is made a priority, not only by individuals, but also by corporations. In today's Budget, Deputy Prime Minister and Finance Minister Lawrence Wong spoke of rapid technological advancement and digital transformation continuing to change the way we work, and the future trajectory of our careers…
“We welcome and applaud the Deputy Prime Minister's investment in lifelong learning, in particular the S$4,000 top-up in SkillsFuture Singapore credits for those aged 40 and above. These credits can be used by those in this age bracket to undertake specially designed courses which will greatly help to improve their current and future employability.
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“By encouraging investment in our people, we can ensure that Singapore's talent continues to pave the way for Singapore's future economic dynamism and success.”
Sujith Abraham, Senior Vice President and General Manager, ASEAN for Salesforce: “With AI taking a front seat across businesses and for the economy's success, a right-skilled workforce is critical. The extension of SkillsFuture Enterprise Credit and the introduction of the new SkillsFuture Level-Up Programme for mid-career workers will ensure inclusivity and accessibility for the entire workforce.
“Today, our studies show lack of training is preventing 38% of Singapore workers from using gen AI more at work. This skills gap will only grow wider with time, as the profile of jobs will augment as AI becomes more pervasive.
These incentives will encourage workers to upskill themselves in areas such as digitisation and AI to help Singapore develop a future ready workforce. Upskilling is a task and responsibility for the entire ecosystem.”