Two schemes were also introduced during the Budgest statement: the SkillsFuture Awards and SkillsFuture Fellowships.
The SkillsFuture Study Awards will support individuals who want to develop specialist skills required for future growth clusters including advanced manufacturing, logistics and aerospace. The awards will be introduced in phases and be eventually capped at about 2,000 study awards per year, said the Minister.
On the other hand, the SkillsFuture Fellowships are aimed at helping Singaporeans "achieve mastery in their respective fields." To be introduced from 2016, the fellowships will be capped at 100 per year, and be funded by voluntary contributions from employers, unions, the public and government.
The Singapore government will also be introducing the SkillsFuture Leadership Development Initiative to groom local corporate leaders. According to Shanmugaratnam, the scheme will be open to local and multinational companies that are committed to developing Singaporeans to take on C-suite level positions in future.
"SkillsFuture is future-oriented. If we don't take an innovative perspective to learning, we will develop skills that meet today's needs but can't be used to solve the issues faced tomorrow," said Lee.
[Updated on 24 February 2015 at 4pm (Singapore time) to include quotes from Deloitte's spokesperson.]
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