What are IBF-FTS Subsidy & Training Allowance Grant (TAG)?
How do these grants and subsidies work together?
Make use of all these grants to level up your Financial Advisory Practice
Financial Consultants, upgrade your skills & knowledge through subsidies & grants
With so many subsidies and grants to encourage locals to upgrade, it would be a waste not to take this opportunity to learn a new skill or 2.
Some of these IBF subsidies and grants will no longer be available after 30th June 2021. If you have plans to upgrade, please do so soon.
Let’s explore what various subsidies and grants are available. First of all let’s look at what IBF is.
What is IBF?
The Institute of Banking and Finance Singapore (IBF) was established in 1974 as a not-for-profit industry association to foster and develop the professional competencies of the financial industry.
IBF represents the interests of close to 200 member financial institutions. This includes banks, insurance companies, securities brokerages and asset management firms.
IBF is the national accreditation and certification agency for financial industry competency in Singapore under the Skills Framework for Financial Services, which were developed in partnership with the industry. Individuals who complete the IBF-accredited skills training programmes and meet the relevant criteria may apply for IBF Certification.
Since 2018, IBF is the appointed programme manager for the administration of professional conversion programmes for the financial industry under Workforce Singapore. As programme manager, IBF will partner financial institutions to re-skill employees for expanded roles and opportunities in growth areas.
IBF also provides personalised career advisory to Singapore Citizens and Singapore Permanent Residents exploring a new role in, or career switch into the financial industry, under IBF Careers Connect. Since mid-October 2020, IBF has been appointed by the National Jobs Council as the Jobs Development Partner for the financial industry.
What is IBF-Financial Training Scheme (FTS)?
The Financial Training Scheme (“FTS”) provides funding for financial sector-specific training programmes.
It provides 90% of direct training cost*.
Course fees subsidies are available for training programmes commencing before 31 Dec 2021.
However, advanced disbursement of course fees subsidies will stop after 30 Jun 2021.
*Direct training cost would be based on the gross programme fee charged by the external training provider or apportioned basic salaries of internal staff involved in developing and/ or delivering in-house programmes.
Qualifying expenses include training costs incurred for both executive and non-executive staff, as well as staff employed on a short-term basis (less than one year, inclusive of contract staff and interns).
Apportioned basic salaries of full time in-house trainers involved in developing and/or delivering in-house programmes will also be eligible for support.
What is Training Allowance Grant (TAG)?
The Training Allowance Grant (TAG) aims to help Financial Institutions and FinTech firms. The goal is to manage manpower costs and support the skills upgrade of their employees.
The grant amount is $10 per hour of eligible training and assessment hours.
Only for courses commencing before 30th June 2021.
Only for Singapore Citizens or Singapore Permanent Residents, physically based in Singapore.
Eligible FTS Courses:
Commencing between 1 July 2021 to 30 June 2022 (both dates inclusive)
Completed no later than 30 September 2022
For more information, please refer HERE
For claiming matters, please contact your Financial Institute (FI) for more information.
Who can benefit from these grants & IBF subsidies?
If you are a company sponsored indivudual,
- From a Financial Institution / Fintech Firm
- Singaporean / PR physically based in SIngapore
You can benefit the most from these programmes. Do take this opportunity to upgrade yourself!