Workforce Singapore’s (WSG) Career Conversion Programmes (CCP) help Financial Institutions (FIs) in Singapore meet their manpower needs by reskilling mid-career new hires and existing employees for growth jobs in demand.

The Institute of Banking and Finance Singapore (IBF) administers the CCPs for the Financial Services industry, to support the transformation of jobs and to ensure the continued relevance of its workforce. As the appointed programme partner, IBF works with FIs to identify and re-skill (i) mid-career new hires, and/or (ii) existing employees whose jobs are being redesigned/augmented or who are taking on new jobs to support new / growth areas within the FI.

There are two modes of CCPs:

1. Place-and-Train CCP: Mid-career individual (trainee) without the relevant experience being hired and put through structured training and on-the-job training (OJT) to take on a new growth job role; and
2. Job Redesign (JR) Reskilling CCP: Existing employee (trainee) being reskilled to take on new or redesigned/augmented job roles aligned with Industry Transformation Maps / Jobs Transformation Maps. Growth job roles are emerging or good job opportunities with long-term prospects for progression.

To be eligible for CCP, the trainee and FI are required to fulfil the following criteria:

Trainee:

• Singapore Citizen (SC) or Permanent Resident (PR)
• Aged 21 years and above
• Must not be a shareholder¹ of the participating company, or its related companies
• Must not be immediate ex-staff of participating company or its related companies
• Must not be related to the owner(s)² of the participating company
• Must not be undergoing any programmes funded by WSG concurrently
• Must not undergo CCP for the same job role that they have previously undertaken, completed or qualified for under any previous CCP
• Must not be withheld/ suspended/ disqualified from receiving funding from WSG before confirmation of acceptance into the programme and at the point of grant disbursement

Place-and-Train CCP

• Must have graduated from latest academic qualification or completed National Service, whichever is later and where applicable, for at least two years at the point of application
• Must be a newly hired PMET (i.e. commencement of CCP cannot be more than three (3) months from employment start date), and nominated by an eligible company for the CCP
• New job role trained for under the CCP should be substantially different from previous job role(s)³, hence requiring reskilling for career conversion

JR Reskilling CCP

• Have been hired for at least one year in the company (i.e. existing employees) at the point of application
• Identified by the company for reskilling to take on new or redesigned job roles, aligned with Industry Transformation Maps/Jobs Transformation Maps. 
  
  

Financial Institution

• Registered or incorporated in Singapore with a valid Unique Entity Number (UEN) with Accounting and Corporate Regulatory Authority (ACRA)
• MAS Licensed / Exempt Entities or Fintech Companies certified by Singapore Fintech Associations
• Ensure that the trainees are not:
  • A shareholder¹ of the CCP company, or its related companies
  • Immediate ex-staff of the company or its related companies; and
  • Related to the owner(s)² of the company
• Must put in place structured on-the-job training for the trainees
• Commit to CCP training arrangements for the trainees
• Comply with the Employment Act 1968 in regard to the trainees who are placed under the CCP programmes
• Must not be withheld/ suspended/ disqualified from receiving funding from WSG at the point of application and claim
• Committed to work with WSG and IBF on the necessary administrative matters related to the CCP

Place-and-train CCP

• Must be able to offer a full-time employment contract on permanent terms or on contract terms that are no less than one (1) year, directly related to the job which the CCP is for, with remuneration that is commensurate with the market rate

JR Reskilling CCP

• As a result of changes in business strategies or business transformation, the FI identifies existing employees to take on growth job roles aligned to the Industry Transformation Map / Jobs Transformation Map (JTM) in which the reskilling meets any one of the four examples below and a minimum of two new emerging skills identified in the JTM:

1. Job Enlargement - Retain the existing job scope while introducing a new set of tasks at the same job level;
2. Job Enrichment - Retain the existing job scope while introducing a value-added component at a higher level;
3. Job Reconfiguration - Review the existing job scope to adjust job tasks and achieve a different set of objectives; 
4. Job Simplification - Identify redundant tasks and/ or streamline job role.

• Able to offer sustainable/growth job roles within the company, with remuneration that is aligned to market rate;
• Have a clear plan on how their existing employees will be transited into new or enhanced / redesigned roles within the company aligned with the Industry Transformation Map / Jobs Transformation Map

¹ Does not apply to publicly traded shares in listed companies
² For non-publicly listed companies, refers to individuals with shareholding per ACRA profile
³ Individuals who have a continuous employment gap of at least 2 years (i.e. not employed) prior to CCP commencement will be allowed to apply for CCP job roles similar to their previous jobs

The funding support for CCP trainees who commenced training from 1 Apr 2024⁴ is as follows:

Approval for funding under CCP is on a case-by-case basis, subject to the fulfilment of all eligibility criteria.

CCP training must be completed within 18 months. Claims must be submitted within 6 months from the completion of CCP training. 

More details will be outlined in the Terms and Conditions provided to applicants. 

All interested applicants (i.e. Financial Institutions) should submit their applications to IBF Portal directly, at least two months before the planned CCP commencement date. 

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