Singapore’s MAS and IBF update training support measures for local workforce until July 2022

This will see employees receive an updated rate of training grant allowance after 30 June, and fee subsidies of up to 80% from 31 December 2021.

On 25 June (Friday), the Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) announced an update to their training support measures that aim to build capabilities and strengthen employability of the local workforce. These updated measures will cease on 1 July 2022.

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.”

According to MAS, the training support measures are updated in three segments:

1. Course fee subsidies

Since 8 April 2020, the Financial Sector Development Fund (FSDF) has been supporting course fee subsidies at 90% for courses under the IBF-Standards Training Scheme (IBF-STS) and Financial Training Scheme (FTS), with funding caps of S$7,000 and S$2,000 respectively.

This, however, ends at 31 December 2021.

Starting 31 December 2021, the subsidy rate will instead run at 80% for six months until 30 June 2022, before being progressively reduced to a rate of 70%, then 50% from 1 July 2022.

2. Enhanced subsidy

That said, Singapore citizens, aged 40 and above, will continue to receive course fee subsidies at 90% from 1 January 2022, for training under IBF-STS and FTS. Through this, MAS and IBF hope to “help mature workers acquire industry-relevant skills as the industry transforms.”

3. Training Allowance Grant (TAG)

Currently, the FSDF supports the TAG at S$15 per training hour for employees sponsored by financial institutions and FinTech firms. This rate ends on 30 June 2021.

Starting on 30 June 2021 itself, TAG will be supported at a new rate of S$10 per training hour. This will go on for one year to 30 June 2022.

“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,” shared the government authority.

Ng Nam Sin, IBF Chief Executive Officer, noted the role of employers and the government in supporting employees in upskilling and training.

“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,” he continued.

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