SINGAPORE (THE BUSINESS TIMES) - The Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) will be extending enhanced training support measures, including course fee subsidies under certain schemes and training allowance grants.
They will progressively reduce and cease the extended measures on July 1, 2022, MAS and IBF jointly announced on Friday (June 25).
The extensions will support the "training momentum" in the financial sectors in new growth areas such as sustainable finance and family offices, as well as "entrench the culture of training and upskilling" as the financial sector transforms, MAS and IBF said.
Until Dec 31 this year, the Financial Sector Development Fund (FSDF) will support course fee subsidies of 90 per cent for courses under the IBF-Standards Training Scheme (IBF-STS) and Financial Training Scheme (FTS), subject to funding caps of $7,000 and $2,000 respectively.
When the year ends, MAS and IBF will extend the course fee subsidies under the IBF-STS and FTS to June 30, 2022, at a rate of 80 per cent. After this, course fee subsidies will return to a "more sustainable rate" of 70 per cent and 50 per cent respectively.
Singapore citizens aged 40 and above will continue to receive the enhanced subsidy for training under the IBF-STS and FTS at 90 per cent from Jan 1, 2022.
The Training Allowance Grant (TAG) will also be extended for employees sponsored by financial institutions and fintech firms by one year to June 30, 2022, at a rate of $10 per training hour. The FSDF currently supports the TAG at $15 per training hour for such employees.
MAS and IBF noted that training participation has risen 60 per cent year on year since they introduced the support measures in April 2020 and extended training support in November 2020. Close to 500 financial institutions have tapped the measures.
Mr Leong Sing Chiong, MAS deputy managing director of markets and development, said: "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 chief executive Ng Nam Sin said: "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."
MAS said it will continue to monitor the economic situation and review the measures accordingly.