The extensions will help Singaporeans continue to acquire sought-after skills and encourage financial institutions and fintechs to retain and improve the capacities of their staff.
The MAS (Monetary Authority of Singapore) and the IBF (Institute of Banking and Finance) have announced the extension of enhanced training support measures for the financial sector until July 1, 2022.
The measures, first introduced in April 2020 and then extended in November 2020, aim to build the capacity and enhance the employability of the local workforce.
MAS says the initiative has increased participation in training by more than 60% year over year, with nearly 500 financial institutions using the measures.
To ensure that financial institutions, fintechs and individuals continue to focus on training and development, MAS will expand the measures, although they are gradually scaled back before they end on July 1, 2022.
As part of existing measures, the Financial Sector Development Fund (FSDF) supports 90 percent course fee subsidies for courses under the IBF Standards Training Program (IBF-STS) and the financial training (FTS), subject to funding ceilings of SGD 7,000. and 2,000 SGD respectively, for the period from April 8, 2020 to December 31, 2021.
Grants for course fees under the IBF-STS and FTS will be extended for 6 months until June 30, 2022 with 80 percent of course fees subsidized, before reverting to a more sustainable rate of 70 percent and 50 percent respectively from July 1, 2022.
“To help mature workers acquire industry-relevant skills as the industry transforms, Singapore citizens aged 40 and over will continue to receive the 90% enhanced grant from the 1st. January 2022, for training under the IBF-STS and FTS, ”said MAS.
The FSDF is also currently supporting the Training Allowance Grant (TAG) at SGD 15 per hour of training for employees sponsored by financial institutions and fintechs, until June 30, 2021.
The TAG will be extended for one year until June 30, 2022 at the rate of 10 SGD per hour of training.
“The extensions will continue to support training momentum in the financial services industry in new growth areas such as sustainable finance and family offices, and anchor the culture of training and development as the industry transforms.” , MAS said.
The regulator says the extensions are intended to help Singaporeans acquire the skills they are looking for and to encourage financial institutions and fintechs to retain and improve the capacities of their staff.
MAS will continue to monitor the economic situation and review measures accordingly.