IBF Training Subsidy & Grants (2021)

IBF STS, IBF FTS, Training Allowance Grant (TAG) and SkillsFuture Credit

What Training Subsidies & Grants are Available?


There are numerous training subsidies, training allowance grants, funding initiatives for Singaporean and PRs. The government has rolled out numerous programmes to encourage lifelong learning and upskilling to “future proof” Singaporeans.

In the financial services industry, the Institute of Banking and Finance Singapore (IBF) has taken on the leading role for developing professional competencies for practitioners.

Let’s explore the various programmes that are available for practitioners: IBF-STS and FTS, SkillsFuture Credit & Training Allowance Grant.

IBF Standards Training Scheme (“IBF-STS”) & Financial Training Scheme (“FTS”)


The IBF-STS provides course fee subsidies to eligible company-sponsored individuals and self-sponsored individuals who complete training and assessment courses accredited under the Skills Framework for Financial Services. (source: IBF)

The IBF-STS course fee subsidy is 90%, subject to prevailing $7,000 grant cap.

FTS provides course fee subsidies to eligible company sponsored individuals who complete financial sector-specific training courses recognized under FTS. (source:IBF)

The IBF-STS course fee subsidy is 90%, subject to prevailing $2,000 grant cap.

Singapore Citizens and Singapore Permanent Residents who are physically based in Singapore.

Self-sponsored individuals are only eligible for the enhanced course fee subsidies for courses under the IBF Standards Training Scheme (“IBF-STS”). Self-sponsored individuals are not eligible for course fee subsidies for courses under the Financial Training Scheme (“FTS”).

Company-sponsored individuals are eligible for the enhanced course fee subsidies and the IBF Credit for courses under the IBF-STS or FTS.

To qualify for IBF-STS or FTS funding, participants must successfully complete the IBF recognised courses (including passing the relevant assessments, where applicable).

The following applies to FTS: All Singapore Citizens and Permanent Residents sponsored by financial institutions (FI) and eligible FinTech firms.

Licensed representatives such as insurance agents, financial advisers and remisiers supported by FI principal.

General insurance (GI) agents registered with the General Insurance Association’s (GIA) Agent Registration Board.
(source:IBF)

The enhanced course fee subsidies (90%) will apply to IBF recognised courses that commence from now up to 31 December 2021, and are completed no later than 31 March 2022.

For IBF recognised courses that commence between 1 January 2022 and 30 June 2022, and are completed no later than 30 September 2022, the enhanced subsidies will cover up to 80% co-funding of course fees.

However, Singapore Citizens aged 40 years old and above will continue to be eligible for 90% co-funding of course fees, subject to prevailing grant cap.
(source: IBF)

IBF-STS grant cap: S$7,000 per participant per course

FTS grant cap: S$2,000 per participant per course.

Eligible companies include Singapore-based Financial Institutions (licensed or exempt from licensing by MAS) and FinTech firms certified by Singapore FinTech Association (SFA).

Please refer to the certification validity period in certification issued by SFA to determine the eligibility of the FinTech firms. The course commencement date should be within the SFA certification validity period.
(source: IBF)

Upcoming Course

  

Value Added Consulatative Selling For Financial Advisors
Date: 30 Sep 2021 Thu
9:30am – 6:00pm
Course Fee: $800
After IBF Subsidy (90%): $80

Virtual Classroom (Zoom)
IBF Course Code: P210118LFV

RESERVE YOUR SEAT NOW
Value Added Consultative Selling For Financial Advisors 1000x1000
(90% IBF-FTS Subsidy & TAG Funding available)

SkillsFuture Credit

SkillsFuture Credit aims to encourage individuals to take ownership of their skills development and lifelong learning. Introduced in 2015, all Singaporeans aged 25 and above will receive an opening credit of S$500. (source: SSG)

To further encourage Singaporeans to take timely action to reskill and upskill to seize opportunities in the future economy, a one-off SkillsFuture Credit top-up of $500 will be provided to every Singapore Citizen aged 25 years and above as at 31 December 2020.

From 1 October 2020, this top-up can be used on all SkillsFuture Credit-eligible courses, and will expire on 31 Dec 2025.
(source: SSG)

To improve individuals’ access to career transition programmes, a one-off SkillsFuture Credit of $500 will be provided to every Singapore Citizen (SC) aged 40 to 60 (inclusive) as at 31 December 2020.

This will be over and above the $500 SkillsFuture Credit top-up for SCs aged 25 and above as at 31 December 2020.
(source: SSG)

Only IBF recognised courses that fulfil the following requirements will be eligible for SkillsFuture Credit support:

i) Work-skills related education and training courses with clear and relevant learning outcomes
ii) Total duration of at least 7 hours (excluding assessment and lunch break)
iii) Must be open for individual registration (i.e. not restricted to employer-sponsored trainees)
iv) Relevant to Singapore’s context (e.g. lumbering-related courses are not admitted as
Singapore does not have a lumbering industry)

Upon approval of your course by IBF, we will provide you with the SkillsFuture Credit Terms and Conditions for your acceptance.

Please refer to the SkillsFuture website for more information.
(source: IBF)

Yes, self-sponsored individuals can use their SkillsFuture Credit for IBF recognised courses that are listed on the SkillsFuture Training Exchange. SkillsFuture Credit can be utilised to pay for the unsubsidised portion of the course fee.

Illustration:

IBF STS Course Fee – $1000
IBF STS Subsidy (90%) – $900
Course Fee Payable – $100

The $100 course fee that is payable can be claimed from the individual’s SkillsFuture Credit account.

Please note that the use of SkillsFuture Credit is not allowed for company-sponsored courses.
(Source: IBF)

Training Allowance Grant (TAG)

The Training Allowance Grant is part of MAS’ support package to encourage financial institutions (FI) and FinTech employers to make use of the downtime in business activity, to train and deepen the capabilities of their employees such that the workforce can be in a position of strength when the economy recovers.

The Training Allowance Grant (TAG) is open to:

Companies who are supporting their employees for training. Eligible companies must be:

i. Singapore-based financial institutions regulated by MAS (licensed or exempt by MAS),
or
ii. FinTech firms certified by the Singapore FinTech Association (SFA).

Eligible companies can claim TAG for employees who are Singapore Citizens or Singapore Permanent Residents, who are physically based in Singapore and have successfully completed an IBF-STS or FTS course.
(source: IBF)

For company-sponsored individuals, all IBF recognised courses under the IBF Standards
Training Scheme (“STS”) or Financial Training Scheme (“FTS”) will be eligible for the Training Allowance Grant.

S$10/hour of eligible training and assessment hours. (source: IBF)

Commencing between 1 July 2021 to 30 June 2022 (both dates inclusive)
Completed no later than 30 September 2022
(source: IBF)

The Training Allowance Grant will be accorded to eligible participants who successfully complete the recognised courses under the IBF Standards Training Scheme (“STS”) or Financial Training Scheme (“FTS”).

Course duration (training and assessment) will be based on actual duration completed by the eligible participants and rounded down to the nearest 0.5 hour.

There is no cap to the Training Allowance Grant.

The Financial Institution (FI) principal who supported the licensed representative or
registered agent for the Financial Training Scheme course will need to submit the training allowance grant claim on their behalf.

This applies to courses taken by the licensed representatives or registered agents
commencing 8 April 2020 onwards. The licensed representatives or registered agents will be required to furnish relevant documentation, including certificates of course completion, to their respective principals for the claim applications.
(source: IBF)

Can I claim from multiple programmes (eg. IBF-STS, SkillsFuture Credit & Training Allowance Grant)?

The short answer is: Yes! You can.
Illustration:

Course A
2 days (2 x 7 hours)

Course fee: $2000
IBF-STS (90%): $1800
Balance: $200 (Claim from SkillsFuture)
Net Course fee: $0

Training Allowance Grant: 14 hours x $10 = $140

In this illustration, not only is the net course fee $0, the sponsoring financial institution will also receive Training Allowance Grant of $140 for sending their practitioner for upskilling.

The long answer is: It depends. Some courses may not be eligible for certain grants. Please check with the training provider for eligibility requirements.

Upcoming Course

  

Course Preview – Lead Generation For Social Media
Date:
8 – 9 pm
Course Fee: FREE

Virtual Classroom (Zoom)

RESERVE YOUR SEAT NOW
Course-Preview-Lead-Generation-Using-Social-Media