OVERVIEW
Sponsorship Track
The Sponsorship Track under the Polytechnic Talent for Finance Scheme aims to support finance professionals who are diploma holders who want to pursue post-diploma and degree-equivalent programmes to do so whilst in employment.
Eligibility Criteria
Financial Institutions
Financial Institutions based in Singapore [1].
Eligible Programmes
must be post-diploma or degree-equivalent programmes, and endorsed by the sponsoring FI to be relevant to the participant’s current or potential job role.
Participants
- Eligible programme participants must be Singapore citizens (SCs) who are recent graduates[2] of a polytechnic[3], and not possess any post-diploma or degree-equivalent qualification.
- Eligible participants must remain in employment with the sponsoring FI during the course of the programme and serve a bond of at least 1 year with the sponsoring FI after completion of programme.
If the sponsoring FI wishes to impose a longer bond of another one year or more, the FI should co-fund at least 40% of the individual’s tuition fees (capped at $10,000), in addition to FSDF’s funding.
Funding SUPPORT
For each SC: 50% of tuition fees, capped at S$10,000
Subject to the fulfilment of all eligibility criteria, funding for approved claims will be disbursed on a reimbursement basis, after the participant has completed the programme and served the one-year bond with the sponsoring FI.
Applicants are required to submit your claim application within three months of the completion of the one-year bond with applicant by the participants. If you have met the eligibility requirements, please download the claims form from the resources section and send the completed form via FormSG for our evaluation. For late submissions, the applicant bears the risk of no funding.
Applicants are required to provide details of how the applicant is supporting the participants in their programmes, for example, co-fund the remaining tuition fees, offer other financial incentives (e.g., study allowance), special work arrangements (e.g., study leave).
The applicant is to ensure that the documents and information submitted are true, accurate and complete and maintain proper, accurate and complete records of all data, documents and information relating to the claim. IBF may request for additional information to support its evaluation of the claim application.
[1] Entities regulated by the Monetary Authority of Singapore (either licensed, approved, registered or recognised; or exempted from being licensed, approved, registered or recognised), as listed on MAS FI Directory.
[2] Refers to FI’s existing apprenticeship programme for polytechnic graduates which has not received funding under PTFS before.
[3] Recent graduates refer to those who have graduated from a polytechnic, or completed National Service after graduating from a polytechnic, within 2 years from programme commencement date.
[4] Refers to the following polytechnics: Nanyang Polytechnic (NYP); Ngee Ann Polytechnic (NP); Republic Polytechnic (RP); Singapore Polytechnic (SP); or Temasek Polytechnic (TP).
[5] Minimum contract duration must be one year.
[6] Examples of a “university graduate-equivalent role” include a place in FI’s graduate programme for fresh university graduates, or a role on a similar pay scale or has the same job grade as a fresh university graduate.
[7] At least two-thirds of the programme duration must be within priority areas.
[8] For programmes in priority areas, FIs should place the apprentice into a university-graduate equivalent roles within the priority area. If the apprentice is eventually placed in a non-priority area, funding provided for the additional salary support will be at the funding level for non-priority areas, i.e. $1,000 per month.
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