Post Secondary Education Account (PSEA) and Skills Future Credit (SFC) 

Everything To Know About The PSEA Account

As covered in the article on “Everything to know about the Post Secondary Education Account” (PSEA), it is used to pay for children’s post-secondary education and is automatically credited. 

Each student receives an annual Edusave contribution of $200 at Primary School level and $240 at Secondary School Level, while the 2.5% interest rate acts into effect upon the creation of the account. 

What are the recent updates for the PSEA Account? 

In May 2022, the government also implemented a $200 top-up to Edusave Accounts for 540,000 young Singaporeans as part of the Household support package. The top-up is also indicated in the Singpass account. 

For the Singapore 2024 Budget updates, a S$5,000 top-up will be made for ITE Students through their Post Secondary Education Accounts (PSEA) when they enrol in a diploma programme. This will be coupled with a S$10,000 top-up to the CPF Ordinary Accounts (OA) upon graduation and attainment of diplomas.

Skills Future Credit (SFC) 

Launched in 2015, the SFC aims to encourage individual ownership of skills development and lifelong learning. All Singaporeans aged 25 and above will receive an opening SFC of $500 (“Opening SFC”). The opening credit will not expire and individuals can use their credit for a range of eligible courses listed on the MySkillsFuture portal.