Temasek, a state investor, plans to establish a $150 million fund aimed at skills training and talent development in Singapore. To ensure sustained impact, approximately $6 million, constituting 4 percent of the total fund, will be allocated annually over a span of about 25 years. Celebrating its 50th anniversary in 2024, Singapore’s investment company aims with this initiative, named T-Spring, to cultivate a workforce capable of meeting the evolving demands of the marketplace.
The fund’s primary focus will be on establishing scholarships for individuals from low-income backgrounds to pursue undergraduate or postgraduate studies, as well as on reskilling workers vulnerable to displacement due to technological advancements. Additionally, it will support programs aimed at enhancing the employability of seniors and individuals with disabilities or special needs. Temasek will give preference to scholarship applicants interested in science, technology, engineering, and mathematics (STEM) fields and coming from low-income households. The initiative aims to enroll its inaugural cohort of scholarship recipients in the academic year 2025/2026.
More than 500 employees from Temasek and its ecosystem entities volunteered for activities such as refreshing the homes of seniors and painting botany-themed murals at the void deck of an HDB rental block in Clementi. To drive innovation in Singapore, Temasek will launch a fellowship programme to attract global industry experts to help small and medium-sized enterprises here in fields such as artificial intelligence and sustainable solutions.
Since 2003, Temasek has been setting aside a portion of its net positive returns above its risk-adjusted cost of capital for community gifts to achieve its objectives of connecting people, uplifting communities, protecting the planet and advancing capabilities. For Temasek’s 40th anniversary in 2014, it set up a $40 million Temasek Emergency Preparedness fund to help Singaporeans prepare for and deal with difficult situations, including environmental crises such as haze or trauma from accidents.
Dilhan Pillay, Temasek's CEO, emphasized that the annual funding for T-Spring will be flexible and adjusted according to the specific needs of each program. Regarding the emphasis on STEM scholarships, he highlighted, "We envision a future dominated by the digital realm." He also underscored that scholarships would be prioritized for students from economically disadvantaged backgrounds.
Temasek chairman Lim Boon Heng said it invests to earn sustainable returns, and works to take care of its stakeholders. “Among the stakeholders we have would be the community at large, so we should also play our part to see how we can uplift the lives of people”. Temasek staff collaborated with Temenggong Artists-In-Residence, a non-profit arts organization, to paint an HDB void deck. Students from special education schools participated by providing their artwork for the murals.
