Funding in Singapore


Funding is only available in Singapore and for Singapore IBF-accredited and FTS accredited course.

Previously known as the Financial Industry Competency Standards (FICS), the IBF Standards Training Scheme (IBF - STS) is a training incentive scheme supported by the Financial Sector Development Fund (FSDF). The scheme supports training and assessment programme accredited under the IBF Standards. 

Funding Table _Aug 2017

1) IBF Standards Training Scheme (IBF-STS)

IBF-STS provides 70% funding for eligible company-sponsored or self-sponsored participants who are Singapore Citizens or Singapore Permanent Residents, physically based in Singapore, and who have successfully completed an IBF-STS accredited programme.

Courses available for IBF-STS Funding:

IBF Accredited Courses

For more information, please contact the IBF at +65 6220 8566 or email IBF or visit IBF-STS funding website.

NEW!
All Singapore Citizens aged 40 years old and above will be eligible for 90% co-funding of direct training costs, subject to existing grant caps of S$7,000 and S$2,000 per programme under the IBF-STS and FTS respectively for programmes commencing on or after 1 July 2016. The enhancements aim to strengthen the support for upskilling of the financial sector as well as to encourage upward mobility of Singapore Citizens. For any clarifications, please contact the IBF at funding@ibf.org.sg.

2) IBF Financial Training Scheme (IBF-FTS)

The FTS provides 50% funding and is only eligible for company-sponsored participants who are Singapore Citizens or Singapore Permanent Residents, physically based in Singapore, and who have successfully completed a FTS programme.

Company-sponsored participants should be an executive staff of a Financial Institution (MAS Licensed or Exempt Entity), involved in or supporting financial sector activities.

NEW!
All Singapore Citizens aged 40 years old and above will be eligible for 90% co-funding of direct training costs, subject to existing grant caps of S$2,000 per programme. The enhancements aim to strengthen the support for upskilling of the financial sector as well as to encourage upward mobility of Singapore Citizens. For any clarifications, please contact the IBF at funding@ibf.org.sg.

Courses available for IBF-FTS Funding:

ICA qualification

ICA Certificated Courses

FA-CPD Courses


For more information, please contact the IBF at +65 6220 8566 or email IBF or visit IBF-FTS funding website for more information.  

 

3) Productivity & Innovation (PIC) Scheme

Maximise your budget with Productivity & Innovation (PIC) Scheme!
With the PIC Scheme, Singapore registered businesses can enjoy huge tax savings in the form of either 60% Cash Back or 400% Tax Deduction when they invest in training to upgrade the skills of employees.

Option 1: Up to 60% Cash Payout Option

Eligible businesses can get 60% cash back on investment on training programs for their employees.

How to Apply for Cash Payout

  • Register and pay for the course.
  • Attend the program and receive a certificate of attendance
  • Submit the completed PIC Cash Payout Application Form along with the program invoice and a copy of the certificate of attendance to IRAS.
Option 2: Up to 400% Tax Deduction Option

Businesses can enjoy 400% tax deduction or allowances of their expenditure per year

How to Claim the Tax Deduction

Businesses can make their claim for deduction or allowances in their income tax returns for the relevant YA by the filing due date (15 Apr for sole-proprietorship and partnership; 30 Nov for company).

All claims can be made easily and quickly via myTax Portal.
For more information, please visit PIC Credit Scheme.


4) SkillsFuture Credit

SkillsFuture Credit aims to encourage individuals to take ownership of their skills development and lifelong learning. All Singaporeans aged 25 and above will receive an opening credit of S$500 from January 2016. Your credit will not expire and the government will provide periodic top-ups, so you may accumulate your credit. Your SkillsFuture Credit can be used on top of existing government course subsidies to pay for a wide range of approved skills-related courses. 

ICA Courses available for SkillFuture Credit:

IBF Accredited Courses

ICA Certificated Courses

FA-CPD Courses

For more information, please visit SkillsFuture Credit

 

5) NTUC U Portal - Union Training Assistance Programme

NTUC Members enjoy 50% unfunded course fee support for up to $250 each year when you sign up for courses supported under UTAP. 

How to Apply for UTAP

Step 1: Click on 'Search Course' under the Skills Upgrade Available tab to find out if the course and training provider is supported under UTAP.

Step 2: Register for course with training provider and attend training. For course information and enrolment, please contact the training provider.

Step 3: Login to the U Portal account to submit the UTAP application. NTUC Members should apply for their UTAP claim within 6 months after course ends. Late applications will be rejected.

For more information, please visit UTAP website

 
ICA Courses available for UTAP

Soft Skills Training

ICA Certificated Courses

FA-CPD Courses

 

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