How to Gain Maximum Benefits From Your SkillsFuture Credit Top-Up

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.

A booklet summarising the key takeaways from Budget 2020, which was delivered by Deputy Prime Minister and Finance Minister Mr Heng Swee Keat in Parliament on 18 February 2020 (Credit: Ministry of Finance, 2020).

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.

There has never been a better time to learn a new skill.

As the world digitally transforms, the need to equip yourself with Digital Skills of the Future becomes greater and greater.

Since you only have a limited amount of SkillsFuture Credit, make sure that you learn the right skills that can accelerate your personal growth and/or help you quickly climb up the corporate ladder.

You may be wondering:

How do you identify the right skills?

Here is where Project DARE comes in.

An initiative by the Asia-Pacific Economic Cooperation (APEC), Project DARE (Data Analytics Raising Employment) aims to achieve sustainable economic growth in the region by boosting data analytics skills in the workforce.

Under Project DARE, a list of necessary skills was identified by the Project DARE Advisory Group, which comprises industry experts, academia, businesses and governments of 14 APEC member economies; the Advisory Group is co-chaired by the United States Department of Labour, WILEY, and Business Higher Education Forum.

These skills are known as Data Science and Analytics Competencies, which are currently used by regional academic institutions and governments for education and funding respectively. Use this list to help you choose the right skills to learn in your digital transformation journey!

The Data Science and Analytics Competencies are listed below for your reference:

1. Operational Analytics

Analyse data to make business decisions.

2. Data Visualisation & Presentation

Visualise data to aid in decision making.

3. Data Management & Governance

Develop and implement data management strategies that abide by legal and ethical regulations.

4. Domain Knowledge & Application

Give data context by applying domain-related experience to new technology.

5. Statistical Techniques

Apply statistics in data analysis.

6. Computing

Use information technology (IT), programming and technologies in data analysis.

7. Data Analytics Methods & Algorithms

Collect, process, and analyse data for models and decision making.

8. Research Methods

Use new and available methods to innovate and discover new insights.

9. Data Science Engineering Principles

Use available technology to support the development, execution and maintenance of data analytics applications.

10. 21st Century Workplace Skills

Exhibit skills needed in the workplace of the future, including collaboration, customer experience and digital fluency.

PSST: Want a course that:

1. Covers the Competencies above,

2. Is eligible for SkillsFuture Credit usage,

3. Uses a curriculum endorsed by one of the co-chairs of the Advisory Group, and

4. Will give you a certificate endorsed by one of the co-chairs of the Advisory Group?

Check out the WILEY Certified Data Analyst course.

Looking to do and learn something fun with your SkillsFuture credits? Why not try your hand at game development?

* Edited to change the start date from 1 October 2020 to 1 April 2020 as per the announcement on 26 March 2020. Only trainees in courses from Institutes of Higher Learning and NTUC LearningHub can use the top-ups from 1 April onwards; top-ups can only be used for courses by other providers (including Gen Infiniti Academy) from 1 October 2020 onwards.

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Written by: Chloe Thio (Gen Infiniti Academy)