Measures to Enhance Job Readiness and Job Retention in Financial Sector
Singapore, 26 November 2020… The Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) announced today additional measures to support and strengthen the development of workers in the financial services sector. They also launched the “Growing Timber” series of webinars and events to provide a forum for key manpower issues in the financial services sector to be discussed.
2 The first “Growing Timber” webinar, titled “Gearing up for New and Evolving Jobs in Financial Services”, focused on job opportunities, job readiness, and job retention in the sector. The event was attended by more than 800 people, including chief executive officers, chief human resource officers, financial sector leaders and professionals, and the general public.
3 At the webinar, MAS announced measures to help enhance the career prospects of Singaporeans in the financial sector and better position financial institutions for growth:
- Job readiness for fresh graduates: Firstly, MAS will launch a new Work-Study Support Programme (WSSP) to develop job-ready graduates as the longer-term strategy to build Singaporean talent pipeline for the financial services sector. The scheme will fund 80% of the internship stipend, capped at $1,000 per month, for Singaporean undergraduates who serve their internships at financial institutions as part of the SkillsFuture Work-Study Degree Programme (WSDeg)
The SkillsFuture Work-Study Degree Programme (WSDeg) is a programme that allows students to gain meaningful work experience and acquire work-relevant skills, which help students better transit to the workplace upon graduation. WSDeg achieves this by closely integrating classroom learning with structured on-the-job training. These programmes involve companies and universities co-designing and co-delivering curricula that closely interconnect theory and practice, as well as co-assessing students’ performance at the workplace. For more information on WSDeg, please visit: https://www.skillsfuture.sg/wsdeg.. The financial services sector has been a major participant of this programme since its introduction in 2017, and the WSSP will help scale the programme in strategic growth areas.
- Job retention through upskilling amid changing tasks and roles: Secondly, MAS will extend the Training Allowance Grant (TAG) for company-sponsored trainees by 6 months from 31 December 2020
For courses that commence between 8 April 2020 and 31 December 2020, and complete no later than 31 March 2021.to 30 June 2021 For courses that commence between 1 January 2021 to 30 June 2021, and complete no later than 30 September 2021.. This will keep up the training momentum of in-demand skills, such as technology, and in new growth areas, such as green finance. At the same time, IBF will extend its 5% additional course fee credit by 6 months from 31 December 2020 to 30 June 2021. Since MAS and IBF introduced these measures Besides the TAG and IBF Credit, MAS announced the enhancement of course fees subsidies for courses under IBF-Standards Training Scheme (IBF-STS) and Financial Training Scheme (FTS) from 50%-70% to 90%, subject to funding caps of $7,000 and $2,000 respectively. Please see details: https://www.ibf.org.sg/newsroom/Pages/IBF_ETS.aspx.on 8 April 2020 to support financial institutions and FinTech firms Eligible FinTech firms must be certified by the Singapore FinTech Association (SFA).to retain staff and build longer term capabilities which will position them for recovery and growth, there has been a 65% year-on-year increase in training participation Training participation increased 65% to reach 31,000 in April to September 2020, as compared to the same period last year.. MAS urges employers to continue to tap on the enhanced training support measures to equip locals with skills to enhance their employability in the sector.
4 The session featured a fireside chat with Mr Ravi Menon, Managing Director of MAS and Chairman of IBF, as well as a panel discussion with Mr Menon and Chief Executive Officers of DBS Group, Prudential Singapore, Standard Chartered Bank Singapore, and IBF.
About the Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As a central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.
About the Institute of Banking and Finance Singapore
The Institute of Banking and Finance Singapore (IBF) was established in 1974 as a not-for-profit industry association to foster and develop the professional competencies of the financial industry. IBF represents the interests of over 200 members that are financial institutions – including banks, insurance companies, securities brokerages and asset management firms.
IBF is the national accreditation and certification agency for financial industry competency in Singapore under the Skills Framework for Financial Services, which were developed in partnership with the industry. Since 2018, IBF is the appointed programme manager for the administration of professional conversion programmes for the financial industry under Workforce Singapore’s Adapt and Grow initiative. IBF also provides personalised career advisory and job matching services to Singapore Citizens and Singapore Permanent Residents exploring a new role in, or career switch into the financial industry, under IBF Careers Connect. Since mid-October 2020, IBF has been appointed by the National Jobs Council as the Jobs Development Partner for the financial industry.
At the 2023 Global Insurance Forum, Mr Lawrence Wong, Deputy Prime Minister, Minster for Finance and Chairman of the Monetary Authority of Singapore, shared how the insurance industry can further deepen its value to society by supporting the transition to net-zero, harnessing technology particularly artificial intelligence, and developing the talent needed to make these possible.
At the Asian Financial Leaders Programme Graduation Dinner, Mr Heng Swee Keat, Deputy Prime Minister and Coordinating Minister for Economic Policies noted that with the financial sector being such a substantial part of the Singapore economy, it is critical that we invest in developing our talent; ensure that our policy and regulations are responsive and innovative; and build a core team that has the right values, competencies and strategic grasp of issues.
Closing remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at the Institute of Banking and Finance Distinction Evening 2023