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. These extended measures will be progressively reduced and cease on 1 July 2022.
2 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. While economic activities have progressively resumed and the financial sector has performed relatively well amidst the crisis, uncertainties remain in the economic environment. To ensure that financial institutions, FinTech firms and individuals continue to place emphasis on training and upskilling, MAS will extend the measures as follows:
- The course fee subsidies under the IBF-Standards Training Scheme (IBF-STS) and Financial Training Scheme (FTS)
[1] will be extended by 6 months to 30 June 2022 with 80% of course fees subsidised, before returning to a more sustainable rate of 70% and 50% respectively from 1 July 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 1 January 2022, for training under IBF-STS and FTS.
- The Training Allowance Grant (TAG)
[2] will be extended for employees sponsored by financial institutions and FinTech firms by one year to 30 June 2022 at a rate of $10 per training hour.
3 The extensions will continue 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. MAS will continue to monitor the economic situation and review these measures accordingly.
4 Mr Leong Sing Chiong, Deputy Managing Director (Markets & Development), MAS, said, “As the financial services sector continues to undergo significant change and transformation, we need to keep up our efforts to upskill the workforce. 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.”
5 IBF Chief Executive Officer, Mr Ng Nam Sin, said, “IBF understands that while skills upgrading is an individual effort, employers and the government also have a role to play in supporting the deepening of capabilities, especially in growth areas. 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.”
[1] For the period 8 April 2020 to 31 December 2021, the Financial Sector Development Fund (FSDF) will support course fee subsidies of 90% for courses under the IBF-STS and FTS, subject to funding caps of $7,000 and $2,000 respectively.
[2] The FSDF currently supports the TAG at $15 per training hour for employees sponsored by financial institutions and FinTech firms, to 30 June 2021.
