Q7. Is there a minimum duration for the internship?

There is no minimum duration for the internship. We strongly encourage FIs to offer internships of a meaningful duration that will equip students with the necessary skillsets to be job-ready.

Q8. What types of internship programmes will be eligible?

There are no specific programme requirements. Generally, good internship programmes equip students with the necessary skillsets to be job-ready, through exposure to varying job roles/tasks, and mentors to provide guidance.

Q9. Is my firm eligible for funding if the intern managed to secure a role with another FI upon graduation?

No. The purpose of the internship track is to enable polytechnic students to acquire skillsets to be job-ready, and be hired upon graduation.

If an intern was not hired by the host FI (and was instead hired by another FI), it would not be apparent whether the host FI’s internship programme has enhanced the employability of the intern, and whether the host FI has made a good job offer to the intern.

Q10.  My firm offers an internship that cuts across multiple years over the course of the interns’ polytechnic studies. Is my firm eligible for funding for the entire duration? (e.g., 6-month internship in year 2 and another 6-month internship in year 3)

Yes, the intern can be funded for the entire duration of the internship that the host FI has trained him/her in, even if the internship cuts across multiple years, as long the intern is hired into a full-time/ apprenticeship role with the host FI after graduation, and funding is subject to a cap of 12 months.

Q11. What happens if the intern accepts my firm’s job offer after completion of his/ her internship, but eventually chooses not to join my firm upon graduation? Is my firm still eligible for funding?

Yes. In the event that the applicant has already applied for funding, and the intern subsequently changes his mind and retracts his acceptance of the job offer, the firm will not be penalised and is still eligible for funding.

Q12. Can my firm pay the apprentice more than the funding amount of $1,000/$2,000 per month?

Yes, applicants are encouraged to offer the apprentice a competitive salary to attract and retain talent. The funding is intended to defray part of your salary costs.

Q13. Are apprentices required to contribute to CPF? Do they need to receive medical benefits?

Apprentices can be hired on a permanent or contract basis, and the usual CPF contributions requirements (if any) and requirements under the Employment Act (or other relevant Acts) will apply, where applicable

Q14. Is my firm expected to convert the apprentices to university graduate-equivalent roles after they complete the apprenticeship programme?

We strongly encourage FIs to place well-deserving apprentices into university graduate-equivalent roles upon completion of the apprenticeship programme. Additional funding will be provided if such emplacement takes place within 3 years from the commencement of the apprenticeship programme.

Q15. If an apprentice who has completed the apprenticeship programme is subsequently placed into the firm’s management associate programme, can I claim for additional salary support under the PostApprenticeship Track and include the same individual as an eligible headcount under the Finance Associate Management Scheme (FAMS)?

There should be no double dipping for the same individual for the same period. Should an FI decide to include the individual as a committed headcount under FAMS, the FI should not be seeking additional salary support in relation to the emplacement of the same individual under PTFS (Apprenticeship Track) for the same period.

Q16. What happens if my firm is unable to meet the hiring commitment for the apprenticeship programme which has been approved?

FIs should indicate hiring commitment based on actual hiring needs. If FIs are unable to meet the hiring commitment at the end of the committed period, they are required to explain the shortfall, and funding will be adjusted accordingly based on actual number of hires.

Q17. If an apprentice decides to resign halfway through the apprenticeship programme, can I claim funding for the duration where the resigned

In cases where the apprentice leaves the apprenticeship programme before completion, funding will still be provided but on a pro-rated basis, provided that the apprentice had completed at least 90% of the duration of the programme.

Q18. Can my firm endorse a post-diploma or degree-equivalent programme that has no relevance to the polytechnic graduate’s diploma?

Q19. Can the post-diploma or degree-equivalent programme be IBFaccredited/ recognised programmes?

IBF-accredited/ recognised programmes are ineligible for funding under the PTFS. Instead, these are supported under the IBFStandards Training Scheme (IBF-STS)/ Financial Training Scheme (FTS).