Parliamentary Replies

January 05, 2021

Utilisation of SkillsFuture Credit

Name and Constituency of Member of Parliament

Mr Melvin Yong Yik Chye, Radin Mas

Question

To ask the Minister for Education (a) what is the percentage of eligible Singaporeans who have fully utilised their $500 SkillsFuture credit; (b) what is the percentage who have partially utilised their SkillsFuture credit; and (c) whether the SkillsFuture utilisation rate has increased over the past six months.

Response

1. As of August 2020, about 600,000 or 23.5% of eligible Singaporeans had utilised their SkillsFuture Credit (SFC). The 23.5% of eligible Singaporeans comprised about 9% who had fully or almost fully utilised their opening SFC of $500 and about 14.5% who had partially utilised their SFC (with remaining balances of more than $50).

2. We have seen an increase in the utilisation over the past 6 months, from 22.2% in May 2020 to 24.9% in November 2020. The increase could be due to improved awareness of upskilling opportunities and stronger personal interest in upskilling to enhance one's employability amidst the volatile jobs situation last year.