Budget 2024: ITE graduates to get up to S$15,000 if they enrol for, and subsequently attain a diploma

• ITE graduates aged 30 and below will get S$5,000 to their PSEA account when enrolling in a diploma programme
• Once they attain it, they will receive a further S$10,000 to their CPF Ordinary Account

GRADUATES from the Institute of Technical Education (ITE) who are aged 30 and below will receive more support from the government in their upskilling efforts.

A new two-part ITE Progression Award was announced by Finance Minister Lawrence Wong during his Budget speech on Friday (Feb 16).

Under the first part of the award, ITE graduates will receive a top-up of S$5,000 to their Post-Secondary Education Account (PSEA) when they enrol in a diploma programme.

The PSEA is opened automatically for all eligible Singaporeans, and the funds within can be used by residents to pay for their post-secondary education.

This will help ITE graduates to offset the costs of obtaining a polytechnic diploma, Wong said.

Once the students receive their diplomas, they will receive a further S$10,000 injection to their Central Provident Fund (CPF) Ordinary Account. Wong said this will give the recipients a head start in buying a home or saving for retirement.

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Funds within the Ordinary Account can be used for retirement, housing, insurance and investments.

“This new award is a significant investment in our ITE graduates. It represents our continuing commitment to uplift them, and to better equip them in their journey of lifelong learning,” said Wong.

Friday’s announcement adds to changes over the past year designed to expand educational pathways for ITE graduates.

For instance, the Ministry of Education had in July 2023 announced that those who attained a grade point average of 3.5 or above – out of a four-point scale – in their Higher Nitec qualifications at ITE will be guaranteed admission to a related polytechnic course.

The change, which kicks in from academic year 2027, is expected to benefit some 1,000 ITE students yearly.

For more of BT’s Budget 2024 coverage, go to bt.sg/budget24