Updates for Training Providers on Measures to Enhance Job Readiness and Job Retention in Financial Sector

Dec 18, 2020

We refer to MAS' & IBF's announcement on 26 November 2020 on the additional measures to support and strengthen the development of workers in the financial services sector.

MAS has extended the Training Allowance Grant (TAG) for company-sponsored individuals by 6 months from 31 December 2020  to 30 June 2021. The TAG will apply to IBF recognised courses that commence on or after 8 April 2020, up to 30 June 2021, and must be completed no later than 30 September 2021.

Please note that TAG for self-sponsored individuals will cease from 31 December 2020. In view of this, courses (including assessment/re-assessment) started before 31 December 2020, must be completed by 31 March 2021 for self-sponsored individuals to qualify for the current TAG.   

At the same time, IBF has also extended its 5% additional course fee credit ("IBF Credit") by 6 months from 31 December 2020 to 30 June 2021 for both company-sponsored individuals and self-sponsored individuals. The IBF Credit will apply to IBF recognised courses that commence on or after 8 April 2020, up to 30 June 2021, and are completed no later than 30 September 2021. The enhanced course fee subsidies of 90% for IBF-STS and FTS courses continue to be available until 31 December 2021.

Training providers are responsible to ensure the following:

  • All marketing collaterals are updated with accurate and updated information for intakes commencing from 1 January 2021.
  • All claims application should be submitted within 1 month from course completion date. Do note that any late claims submission would be rejected and the training provider would be expected to manage the trainee(s) on any complaints relating to the rejected claims due to the training provider's late submission. Please refer to the common issues and best practises on the submission of claim applications.
  • Handle any course and funding related queries.

Please click here for the details as well as to access the updated FAQs.

We look forward to your continued support in IBF's effort to upskill our workforce.

For any clarification, please contact IBF at: