The Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) announced today extensions to the enhanced training support measures to build capabilities and strengthen employability of the local workforce within the financial sector.
The extended measures will be progressively reduced and cease on July 1, 2022.
Since the introduction of these measures in April 2020 and extension of training support (including the inclusion of deep-tech courses) in November 2020, training participation has increased over 60% year-on-year. Close to 500 financial institutions have tapped on these measures.
Under the extensions, the course fee subsidies under the IBF-Standards Training Scheme (IBF-STS) and Financial Training Scheme (FTS) will be extended by six months to Jun 30, 2022 with 80% of course fees subsidised, before returning to a more sustainable rate of 70% and 50% respectively from Jul 1, 2022.
To help mature workers acquire industry-relevant skills as the industry transforms, Singapore citizens aged 40 and above will continue to receive the enhanced subsidy at 90% from Jan 1, 2022, for training under IBF-STS and FTS.
The Training Allowance Grant (TAG) will be extended for employees sponsored by financial institutions and FinTech firms by one year to Jun 30, 2022 at a rate of $10 per training hour.
MAS anticipates the extensions to support the training momentum in the financial services sector in new growth areas such as sustainable finance and family offices, and entrench the culture of training and upskilling as the sector transforms.
See also: MAS to extend enhanced training support measures to drive skills development in new growth areas
Leong Sing Chiong, deputy managing director (markets & development), MAS, says, “Given the strong response to the enhanced training support measures, we have extended and calibrated the training enhancements to support Singaporeans in the sector to acquire in-demand skills, and at the same time, encourage financial institutions and FinTech firms to retain and upgrade their staff capabilities.”
IBF CEO Ng Nam Sin says, “As the Jobs Development Partner for the financial sector, IBF will continue to guide financial services professionals and jobseekers in their skills upgrading journey and continually expand our course offerings with in-demand and future skills courses for a competitive financial sector workforce in Singapore.”
Photo: Bloomberg
