MAS takes measures to help Singaporeans in job readiness and job keeping in financial sector

Out-Law News | 01 Dec 2020 | 6:46 am | 1 min. read

The Singapore financial regulator has announced support schemes for early-career financial services employees.

The Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) announced a work-study support programme (WSSP) for graduates and an extension of the Training Allowance Grant for company-sponsored trainees by six months from 31 December to 30 June 2021.

The work-study programme will fund 80% of internships to a maximum of $1,000 each month for Singaporean undergraduates who serve their internships at financial institutions as part of the SkillsFuture work-study degree programme (WSDeg).

WSDeg is a work-study programme that allows students to work skills to help them better transit to the workplace after graduation.

The training allowance grant will focus on skills such as technology skills and growth areas such as green finance. IBF will extend its 5% additional course fee credit by six months from 31 December to 30 June 2021.

Since MAS announced an S$90 million support package in April to support financial institutions and fintech companies to retain staff and build longer-term capabilities, there has been a 65% year-on-year increase in training participation.

According to MAS, 1,800 newly created jobs and 2,000 traineeships in financial institutions will be offered in the 12 months to June 2021. MAS has been working with the private banking industry for an indicative commitment of about 200 trainees over the next three years.

Mayumi Soh of Pinsent Masons MPillay, the Singapore joint law venture between MPillay and Pinsent Masons, the law firm behind Out-Law, said, "The opportunities and support provided for fresh graduates will help them to boost their employability by picking up job related skills and capabilities so that when the economy picks up, they will be ready to fill permanent full time roles which may become available."