The Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) jointly announced on Nov 26 that they will be launching additional measures to support and strengthen the development of workers in the financial services sector.
Both MAS and IBF also announced the launch of the “Growing Timber” series of webinars and events to facilitate discussions for key manpower issues in the financial services sector.
At the first “Growing Timber” webinar, which focused on job opportunities, job readiness and job retention in the sector, MAS also announced measures to help enhance the career prospects of Singaporeans in the financial sector.
The measures include the launch of a new Work-Study Support Programme (WSSP) to prepare graduates to be job-ready as the longer-term strategy to build a pipeline for Singaporean talent for the financial services sector.
The scheme, which is also part of the SkillsFuture Work-Study Degree Programme, will fund 80% of the internship stipend, capped at $1,000 per month, for Singaporean undergraduates who serve their internships at financial institutions in the republic.
The second measure introduced was the extension of the Training Allowance Grant (TAG) for company-sponsored trainees from Dec 31, 2020 to June 30, 2021.
“This will keep up the training momentum of in-demand skills, such as technology, and in new growth areas, such as green finance,” says MAS.
IBF will, in tandem, extend its 5% additional course fee credit by six months over the same period.