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What is the IBF Standards Training Scheme?
The IBF Standards Training Scheme ("IBF-STS") provides funding for training and assessment programmes accredited under the Skills Framework for Financial Services.
Enhanced support for FIs and Individuals
In light of the economic challenges arising from COVID-19, MAS announced support of up to S$90 million, to encourage financial institutions and individuals to make use of the downtime for training and deepening of skills.
These include:
(1) Enhancements of course fee subsidies for IBF-STS accredited courses
AND
(2) Training Allowance Grant for locals who participate in IBF-STS accredited courses
_______________________________________________________________________________________________
(1) Enhanced Funding Support for IBF-STS and IBF Credit
MAS will enhance course fee subsidies for locals attending accredited or recognised courses up to 90%. IBF will provide an additional 5% in support in the form of
IBF Credit, bringing the course fee subsidy up to 95%. This existing scheme will also be expanded to include workers in eligible FinTech firms.
To alleviate any cashflow challenges that individuals, employers or training providers may face during this difficult time, we will allow advanced disbursement of course fees subsidies until the end of 2020.
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Current Funding Support
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Enhanced Funding Support
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Funding Quantum
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70% of direct training costs*
Singapore Citizens aged 40 years old and above will be eligible for 90% co-funding of direct training costs.
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90% of direct training cost*
Available for training programmes commencing between 8 April 2020 and 31 December 2021 (both dates inclusive).
Advanced disbursement of course fees subsidies available for training programmes commencing between 8 April 2020 and 31 December 2020 (both dates inclusive).
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IBF Credit
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-N.A-
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5% on top of 90% subsidy.
Only available for training programmes commencing between 8 April 2020 and 31 December 2020 (both dates inclusive) and completed no later than 31 March 2021.
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Grant Cap
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S$7,000 per participant per programme
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Training Grant Allowance (TAG)
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-N.A-
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Only available for training programmes commencing between 8 April 2020 and 31 December 2020 (both dates inclusive) and completed no later than 31 March 2021
Refer to below for TAG rates.
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Eligible Individuals
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- Company-sponsored individuals or self-sponsored participants
- Singapore Citizens or Singapore Permanent Residents, physically based in Singapore
- Successfully completed IBF-STS recognised programme.
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Companies eligible to submit claims for company-sponsored participants
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- Singapore-based financial Institutions regulated by MAS (licensed or exempt from licensing by MAS)
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- Singapore-based financial Institutions regulated by MAS (licensed or exempt from licensing by MAS)
- FinTech firms certified by Singapore FinTech Association
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*Direct training cost would be based on the gross programme fee charged by the external training provider or apportioned basic salaries of internal staff involved in developing and/ or delivering in-house programmes. Qualifying expenses include training costs incurred for both executive and non-executive staff, as well as staff employed on a short-term basis (less than one year, inclusive of contract staff and interns). Apportioned basic salaries of full time in-house trainers involved in developing and/or delivering in-house programmes will also be eligible for support.
(2) Training Allowance Grant
The Training Allowance Grant (TAG) aims to help Financial Institutions and FinTech firms manage manpower costs and support the skills upgrade of their employees. Self-sponsored individuals are also eligible for TAG to encourage them to invest time into skills upgrading.
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Company Sponsored Participants
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Self-Sponsored Participants
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Grant Amount
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S$15/hour of eligible training and assessment hours
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S$10/hour of eligible training & assessment hours
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Eligible FTS Courses
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- Commencing between 8 April 2020 to 31 December 2020 (both dates inclusive)
- Completed no later than 31 March 2021
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Eligible Participants
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- Singapore Citizens or Singapore Permanent Residents, physically based in Singapore
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TAG will only be disbursed to the relevant sponsoring companies or self-sponsored individuals upon the participants’ successful completion and passing the assessment component of the IBF-STS programme.
Effective Support of Enhanced Course Fee Subsidy and Training Allowance Grant
How much support will I receive for a 2 week IBF-STS accredited Programme?
For self-sponsored individuals:
Course Fee (assume $5,000)
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$5,000
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Training duration (assume 2 weeks)
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8 hours * 5 days * 2 weeks = 80 hours
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Course Fee Support, at 90% course fee subsidy, capped at $7,000 (applied through training provider, and pay net fee)
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$5,000 * 90% = $4,500
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| IBF Credit, at 5%
(applied through training provider, and pay net fee)
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$5,000 * 5% = $ 250
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Training Allowance Grant (TAG) at $10 per training hour for eligible self-sponsored individuals (paid out after course completion)
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80 hours * $10/hour = $800
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Effective support: Course fee subsidy, IBF Credit and training allowance
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$4,500 + $250 + $800 = $5,550
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This support is in addition to wage support provided under Job Support Scheme, announced at the Resilience and Solidarity Budgets.
For Financial Institutions and FinTech Firms:
Course Fee (assume $5,000)
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$5,000
|
Training duration (assume 2 weeks)
|
8 hours * 5 days * 2 weeks = 80 hours
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Course Fee Support, at 90% course fee subsidy, capped at $7,000
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$5,000 * 90% = $4,500
|
| IBF Credit, at 5%
(applied through training provider, and pay net fee)
|
$5,000 * 5% = $ 250
|
Training Allowance Grant (TAG) at $15 per training hour for eligible companies
|
80 hours * $15/hour = $1,200
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Effective support: Course fee subsidy, IBF Credit and Training Allowance
|
$4,500 + $250 + $1,200 = $5,950
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This support is in addition to wage support provided under Job Support Scheme, announced at the Resilience and Solidarity Budgets.
Where to find IBF-STS Programmes
If you are a Financial Training Provider or Financial Institution,
click here to find out how you can get your programmes IBF-STS accredited.
Submission of Claims
For details on the claims submission process, please click
here or refer to the FAQs above.
Other resources
Individuals may email their queries to
certification@ibf.org.sg
You may also be interested in the following resources
Develop and deepen your skills with the Skills Future Study Award (SFSA).
Gain new opportunities by becoming an IBF Certified professional.
