The US-China Trade War. Brexit. The COVID-19 outbreak. These factors (and more) spells trouble for the global economy, and with it, Singapore's economy.
To soften the impacts of these global issues on the local economy, Budget 2020 highlighted the government's plan to support local communities, workers and businesses, drive growth and employment, and increase sustainability efforts in these trying times.
One measure was the increase of SkillsFuture Credits allocated.
Every Singaporean aged 25 and above will receive an additional $500 in SkillsFuture Credits to complement the opening credits allocated during the launch in 2015 or when you come of age.
Singaporeans aged 40 to 60 (as of 2020) will also receive another $500 on top of that, making their total topped-up credits $1,000.
These top-ups are valid from 1 April 2020* to December 2025; the opening credits do not expire.