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SkillsSave Scheme
NTUC has embarked on a pilot initiative of the SkillsSave scheme in 2005 with 3 of its Social Enterprises, namely NTUC First Campus, NTUC FairPrice, NTUC Income. NTUC Thrift & Loan joined the scheme in February 2006.
In this pilot project, employees of these 4 Social Enterprises can open the individual-based learning accounts (known as the SkillsSave accounts) with the appointed Agent, NTUC Thrift and Loan, provided that both the employers and employees contribute to the account and that the employee meets the criteria set by the respective organizations.
The SkillsSave scheme aims to promote the mindset that the individual is responsible for his life long training, learning and employability. The salient features for the scheme are as follows:
- the account is portable regardless of the workplace of the individual;
- the funds can be accumulated throughout the working life of the individual;
- the employer's approval is not required for the usage of the account;
- the individual makes the decision on the usage of the account. The individual decides when he wants to go for training and what course to take. The course need not be of any direct relevance to his current employment.
The SkillsSave scheme could be used to complement both the present and the future training needs of the staff identified by the company or the individual. However, it is not meant to replace the training to be provided by the participating employers.
Frequently Asked Questions
1) Who can open the SkillsSave account?
The SkillsSave scheme is currently piloted at NTUC First Campus, NTUC FairPrice, NTUC Income and NTUC Thrift & Loan. Only employees of these 4 Social Enterprises can participate and open a SkillsSave account with NTUC Thrift & Loan. Please note that the 4 Social Enterprises will have different eligibility criteria for participation. If you are an employee of one of these Social Enterprises and wish to find out more about the scheme, please contact your Human Resource (HR) Department.
2) Who will contribute to the account?
The SkillsSave scheme has a co-payment element that requires contribution from both the employer and employee. For the pilot scheme, the Singapore Labour Foundation (SLF) will provide a matching grant to union members of the 4 NTUC Social Enterprises from 2005 to 2009.
3) What is my employer's contribution? How frequent will it be?
The amount and frequency will be determined by your employer. For further queries, please contact your HR Department.
4) How much do I have to contribute? How frequent will it be?
The amount and frequency will be determined by your employer. For further queries, please contact your HR Department.
5) How do I use the SkillsSave account?
You can use the money in your SkillsSave account for payment of courses on the approved course list (List A and List B). You have to first pay your course fees to the approved training providers. Subsequently, you have to claim for reimbursement from your SkillsSave account within 3 months after you have started the course or a new module/semester. You will have to fill up the “SkillsSave Account Reimbursement Form” and submit it to NTUC Thrift & Loan for processing.
For a copy of the reimbursement form and more details on the reimbursement process, please visit NTUC Thrift & Loan’s website at www.ntucthrift.com.sg/SkillsSave.html or call NTUC Thrift & Loan at 65347360. Alternatively, you can also contact your HR Department to obtain a copy of the reimbursement form.
6) Can I withdraw the money for other purposes?
No, the money in the SkillsSave account can only be used for the purchase of courses on the approved course list.
7) What will happen to my account when I resign?
If your next employer is participating in the pilot project, contributions to the SkillsSave account will continue if you meet the eligibility criteria set by your employer.
If your next employer is not in the pilot project, there will not be any further contributions to your account. In this case, you can continue to utilize the money in the account until it is fully drawn down.
8) Can I close my account at any time and withdraw the money?
No, you cannot close the account at any time and withdraw the money. You can only close the account when one of the following occurs:
- upon death;
- when you reach the minimum retirement age prescribed by the Retirement Age Act;
- when your account falls below the minimum sum stipulated by NTUC Thrift & Loan;
- when you leave Singapore on a permanent basis;
- upon bankruptcy
For more details on the closure of account, please visit NTUC Thrift’s website at www.ntucthrift.com.sg/SkillsSave.html or call NTUC Thrift & Loan at 6230 3183
9) Enquiries
For matters related to your account (e.g. account balance, transaction details) and reimbursement claim, please call NTUC Thrift at Tel: 6534 7360
For matters related to the opening of account (eligibility criteria for joining the scheme) and contributions to the account (e.g. amount, frequency), please consult your HR department. You may contact the following persons:
For matters relating to your accounts as well as for general enquiries, please contact the following persons directly:
For general enquiries on the scheme, please call NTUC at
6213 8008. For feedback on the course list, please mail to the respective Social Enterprises mentioned above.
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