Workforce Singapore’s (WSG) Career Conversion Programmes (CCPs) seeks to reskill Singaporeans to allow them to develop new capabilities to take on jobs in growth areas or redesigned job roles.

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 will work with Financial Institutions (hereinafter referred to as “the company”) to systematically and pre-emptively identify and re-skill (i) mid-career new hires, and/or (ii) existing mid-career employees who are currently in jobs that are undergoing transformation, for new or enhanced job function in growth areas within the company (hereinafter both referred to as “the trainee”).

There are two modes of CCPs:

1. Industry CCP – industry-standardised training programmes for identified job functions; and
2. Company-specific CCP – customised training programmes, specific to an individual company

IBF will develop CCP archetypes for the two modes based on discussion with the industry and companies. Companies can leverage on industry CCP archetypes to develop their own company-specific CCPs. IBF will also ensure quality of training programmes by encouraging the use of accredited training programmes.

CCPs in the Financial Services are initiated by the Financial Institutions directly. To be eligible for CCP, the trainee and company are required to fulfil the following criteria:

Trainee:

1. Singapore Citizen (SC) or Permanent Resident (PR)
2. Minimum 21 years old
3. 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
4. Must not be a shareholder^[1] of the participating company, or its related companies
5. Must not be immediate ex-staff of participating company or its related companies
6. Must not be related to the owner(s)^[2] of the participating company
7. Must not be undergoing any programmes funded by WSG concurrently
8. Must not undergo CCP for the same job role that they have previously undertaken, completed or qualified for under any previous CCP
9. 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

   
   New Hire CCP

10. 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
11. New job role trained for under the CCP should be substantially different from previous job role(s), hence requiring reskilling for career conversion. However, 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
    
    

    Redeployment CCP

12. Have been hired for at least one year in the company (i.e. existing employees) at the point of application
13. Current job roles are affected by technology and/or business transformation and will undergo skills conversion to stay relevant within a new or enhanced job function within the company

Company:

1. Registered or incorporated in Singapore with a valid Unique Entity Number (UEN) with Accounting and Corporate Regulatory Authority (ACRA)
2. MAS Licensed / Exempt Entities or Fintech Companies certified by Singapore Fintech Associations
3. Ensure that the trainees are not:
   1. A shareholder^[1] of the CCP company, or its related companies
   2. Immediate ex-staff of the company or its related companies; and
   3. Related to the owner(s)^[2] of the company
4. Must put in place structured on-the-job training for the trainees
5. Commit to CCP training arrangements for the trainees
6. Comply with the Employment Act 1968 in regard to the trainees who are placed under the CCP programmes
7. Must not be withheld/suspended/disqualified from receiving funding from WSG at the point of application and claim
8. Committed to work with WSG and IBF on the necessary administrative matters related to the CCP

   
   New Hire CCP

9. 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

   
   Redeployment CCP

10. Able to offer sustainable/growth job roles within the company, with remuneration that is aligned to market rate;
11. Have a clear plan on how their employees will be transited from old roles into new or enhanced roles within the company
    

The details of the funding support are as follows:

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

Claims shall be submitted to IBF within 6 months from the end of 18 months from the date of CCP commencement. 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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