MAS extends training measures for SG workers

The training support will be extended until July 2022.

The Monetary Authority of Singapore and the Institute of Banking and Finance (IBF) has extended the training support for local workers until 1 July 2022.

The programme, intended to build capacity and strengthen employability of the workforce, is expected to be reduced progressively during the year and cease on July next year.

“As the financial services sector continues to undergo significant change and transformation, we need to keep up our efforts to upskill the workforce,” Leong Sing Chiong, Deputy Managing Director (Markets & Development), MAS, 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.”

He added this will encourage financial institutions and FinTech firms to retain and upgrade their staff capabilities.

The MAS and IBF will extend the grant of subsidies for course fees under the IBF- Standard Training Scheme (STS) and the Financial Training Scheme (FTS) for six months until 30 June 2022. It will subsidise 80% of course fees before returning to 70% and 50%, respectively, on 1 July 2022.

The Training Allowance Grant for employees sponsored by financial institutions and FinTech firms with a rate of $10 per training hour will also be extended for one year until 30 June 2022.

Moreover, Singapore citizens aged 40 and above will continue to receive the enhanced subsidy at 90% from 1 January 2022 for training under the IBF-STS and FTS.

The measures were first introduced in April 2020 and first extended in November 2020.

Singapore has since registered a 60% increase in training participation; whilst close to 500 financial institutions have also tapped the measures.