The regulator and central bank has announced measures to help enhance the career prospects of Singaporeans in the financial sector and better position financial institutions for growth.
The Monetary Authority of Singapore (MAS) will launch a new Work-Study Support Program (WSSP) to develop job-ready graduates as the longer-term strategy to build Singaporean talent pipeline for the financial services sector, and will extend the Training Allowance Grant (TAG) for company-sponsored trainees by 6 months from 31 December 2020 to 30 June 2021.
The measures were announced at the «Gearing up for New and Evolving Jobs in Financial Services» webinar, which focused on job opportunities, job readiness, and job retention in the sector. The session was part of series of webinars and events to provide a forum for key manpower issues in the financial services sector.
The WSSP will fund 80 percent of the internship stipend for Singaporean undergraduates who serve their internships at financial institutions as part of the SkillsFuture Work-Study Degree Program, while the extension of the TAG will allow employers to keep up the training momentum of in-demand skills, such as technology, and in new growth areas, such as green finance.
Enhancing Employability
«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,» it said in a joint statement with the Institute of Banking and Finance (IBF) on Thursday.
The measures amid criticism of the workforce composition of banks in Singapore, and the lack of homegrown leaders at firms in the sector. Among senior roles, Singaporeans account for 44 percent, PRs 20 percent, and work pass holders 36 percent, MAS previously said.
MAS said in August that it is working with financial institutions to develop Singaporean representation in areas such as technology and risk management.
