​What is the Jobs Bridging Scheme?
The Jobs Bridging Scheme (JBS) seeks to expand hiring opportunities for displaced mature locals, by defraying part of the salary costs incurred by the firm for a period of 6 months. This period of supported employment would allow firms to better assess these mature locals’ capabilities and suitability for more permanent job roles thereafter. The scheme period is from 17 Sep 2021 to 31 Dec 2022.

Eligibility 

Applicant

Singapore-based financial institutions[1] or FinTechs certified by Singapore Fintech Association (SFA). Other firms that are significantly involved in supporting financial services activities may be considered on a case-by-case basis.

Individual who 

  1.        is Singapore Citizen or Permanent Resident aged 40[2] and above, and

    1. may have been affected by recent redundancies within the last six (6) months due to the ongoing economic restructuring in the financial sector, or
    2. was not emplaced after the completion of a traineeship or attachment hosted by a Singapore-based Financial Institution under the SGUnited Programme[3], or Technology in Finance Immersion Programme (TFIP), in the last six (6) months.

The applicant must not have engaged the individual under any form of employment, traineeship, or attachment (or similar) in the past 1 year.

Hiring Commitment and Funding Support 

The details of the hiring commitment and funding support are as follows:

Hiring Commitment
  • Applicants (Financial Institution) are required to hire the individuals on a contractual basis, for a period of at least 6 months.

  • All approved hiring must commence before 31 Dec 2022.

Funding Support
  • 50% of monthly basic salaries of the individual hired, capped at S$3,800, whichever is lower.

  • For a period of 6 months.

  • Applicants (Financial Institution) may choose to offer a longer contract period, if desired. Funding will only be provided for the first 6 months.

  • No funding will be provided for any early termination by the Applicant, within the 6-month period. However, if the individual resigns on his own accord, the Applicant would be eligible for partial funding.


Approval and Claims Process

Approval for funding under JBS is on a case-by-case basis, subject to the Applicant fulfilling all eligibility criteria.

Claims should be submitted within 3 months from the end of the 6-month hiring commitment period to IBF.  More details will be outlined in the Letter of Offer provided to successful Applicants. 

How to Apply

Applications should be submitted at least two weeks before the hiring of individuals. This can be done for each individual basis or in batches, depending on the Applicant’s hiring plans. All interested Applicants should submit their applications to IBF directly via email. 

To apply, please contact the IBF for the application form at: jbs@ibf.org.sg


Footnotes:

[1] Entities regulated by the Monetary Authority of Singapore (either licensed, approved, registered or recognised, or exempted from licensed, approved, registered or recognised by MAS)
[2] To be determined based on the year of birth, as at the point of application (e.g. individuals born in the year 1981 and before would be deemed to be 40 years old in 2021).
[3] This includes the SGUnited Traineeships (SGUT) and SGUnited Mid-Career Pathways – Company Attachment (SGUP-CA)