Subsidies Available for Individuals
Skills Development Fund (SDF) for individuals
This subsidy is often related to Workforce Skills Qualifications or commonly known as WSQ. There are eligibility brackets for self-sponsored individuals who are applying for SDF without being supported by any company. Different brackets mean different subsidies with course fee coverage up to 90%. Up to 70% funding: Singapore citizens and permanent residents below 40 years old Up to 90% funding: Singapore citizens 40 years or older (Mid-Career Enhancement Subsidy or MCES) Up to 95% funding: Singapore citizens who are 35 years or older (13 years and above for persons with disabilities), earning a monthly income of not more than $2,000 (Workfare Training Support or WTS)
Skillsfuture Credit
Skillsfuture credit is a $500 credit offered to all Singaporeans aged 25 and above. It aims to encourage skills development as well as lifelong learning. This credit is exclusively for course fees only and cannot be used for allowances and personal expenses. Also, Skillsfuture Credit is only for individuals. There is no Skillsfuture Credit for companies.
Credit Critical Infocomm Technology Resource Program Plus (CITREP+)
CITREP+ is a program under IMDA’s TechSkills Accelerator (TeSA) initiative to support ICT workforce in keeping up with technology by providing proactive training of technical skills. CITREP+ has funding for both company-sponsored and self-sponsored individuals. With a CITREP+ grant, you can be eligible for 100% support for course fees and certification fees, capped at $2,500.
Institute of Banking and Finance Singapore - Standards Training Scheme (IBF-STS)
IBF-STS grant is mainly for finance and fintech-related courses. These courses are accredited and approved by IBF-STS. You are eligible for as high as 90% course fee support for an IBF-STS grant.
Post-Secondary Education Account (PSEA)
The Post-Secondary Education Account or PSEA, is part of the Post-Secondary Education Scheme that helps parents save for their children’s post-secondary education. Parents can maintain a Post-Secondary Education Account for each eligible child. The PSEA was first set up in 2008 with the aim of motivating young Singaporeans to finish post-secondary education, and is geared towards Singaporeans aged up to 30 years old. At present, the approved courses under PSEA include most full-time and part-time full qualification programs provided by publicly-funded post-secondary education institutions, as well as skills-based programs offered by the Singapore Workforce Skills Qualifications (WSQ) CET Centers, as well as government-supported SPED schools. A Singapore citizen can use his/her PSEA funds to pay for approved fees and charges for WSQ programs. The PSEA will be closed in the year the account holder turns 31. Any unused funds in the PSEA will be transferred to the account holder’s CPF.
Subsidies Available for Companies
Skills Development Fund (SDF) for companies
This subsidy is often related to Workforce Skills Qualifications or commonly known as WSQ. SDF for companies consist of both course fee funding and absentee payroll support. Employers can be categorized as SMEs or non-SMEs. SMEs in Singapore are defined as companies with at least 30% local shareholding, group annual sales turnover of less than $100 million or group employment size of not more than 200 workers. Those companies who do not fall under this definition are called non-SMEs. SDF provides higher subsidies for SMEs compared to non-SMEs. Up to 90% funding: All SMEs (Enhanced Training Support for SMEs or ETSS) Up to 70% funding: Non-SMEs, Singapore citizens and permanent residents below 40 years old Up to 90% funding: Non-SMEs, Singapore citizens 40 years or older (Mid-Career Enhancement Subsidy or MCES) Up to 95% funding: Non-SMEs, Singapore citizens who are 35 years or older (13 years and above for persons with disabilities), earning a monthly income of not more than $2,000 (Workfare Training Support or WTS)
Critical Infocomm Technology Resource Program Plus (CITREP+)
CITREP+ is a program under IMDA’s TechSkills Accelerator (TeSA) initiative to support ICT workforce in keeping up with technology by providing proactive training of technical skills. CITREP+ has funding for both company-sponsored and self-sponsored individuals. For company-sponsored individuals, the individual is eligible for up to 90% of the course fees and certification fees capped at $3,000 per trainee.
Institute of Banking and Finance Singapore - Standards Training Scheme (IBF-STS)
IBF-STS grant is mainly for finance and fintech-related courses. These courses are accredited and approved by IBF-STS. A company-sponsored individual is eligible for as high as 90% course fee support for an IBF-STS grant.