Training Allowance Grant (TAG)

The Training Allowance Grant (TAG) aims to help Financial Institutions and FinTech firms manage manpower costs and support the skills upgrade of their employees. Self-sponsored individuals are also eligible for TAG to encourage them to invest time into skills upgrading.

The Training Allowance Grant will apply to Singapore Citizens or Singapore Permanent Residents who successfully completed IBF recognised courses (STS & FTS) that commence training from 8 April 2020 to 31 December 2020 (both dates inclusive); and completed no later than 31 March 2021.

Grant Amount

Self-Sponsored Individuals
$10 per training & assessment hour*

Financial Institutions / SFA Certified FinTech Firms
$15 per training & assessment hour*

Eligibility

Eligible Participants
​Singapore Citizens or Singapore Permanent Residents, physically based in Singapore

​Eligible FTS Courses

  • ​Commencing between 8 April 2020 to 31 December 2020 (both dates inclusive)
  • Completed no later than 31 March 2021

TAG will only be disbursed to the relevant sponsoring companies or self-sponsored individuals upon the participants’ successful completion and passing the assessment component of the IBF-STS programme.

Effective Support of Enhanced Course Fee Subsidy and Training Allowance Grant

How much support will I receive for a 2 week IBF-STS accredited Programme?

For self-sponsored individuals:

​Course Fee (assume $5,000) ​$5,000
​Training duration (assume 2 weeks) ​8 hours * 5 days * 2 weeks = 80 hours
​Course Fee Support, at 90% course fee subsidy, capped at $7,000 (applied through training provider, and pay net fee) ​$5,000 * 90% = $4,500
​IBF Credit, at 5% (applied through training provider, and pay net fee) $5,000 * 5% = $ 250
​Training Allowance Grant (TAG) at $10 per training hour for eligible self-sponsored individuals (paid out after course completion) ​80 hours * $10/hour = $800
Effective support: Course fee subsidy, IBF Credit and training allowance ​$4,500 + $250 + $800 = $5,550

This support is in addition to wage support provided under Job Support Scheme, announced at the Resilience and Solidarity Budgets.

For Financial Institutions and FinTech Firms:

​Course Fee (assume $5,000) ​$5,000
​Training duration (assume 2 weeks) ​8 hours * 5 days * 2 weeks = 80 hours
​Course Fee Support, at 90% course fee subsidy, capped at $7,000 $5,000 * 90% = ​$4,500
​IBF Credit, at 5% (applied through training provider, and pay net fee) $5,000 * 5% = $ 250
​Training Allowance Grant (TAG) at $15 per training hour for eligible companies ​80 hours * $15/hour = $1,200
​Effective support: Course fee subsidy, IBF Credit and Training Allowance ​$4,500 + $250 + $1,200 = $5,950

This support is in addition to wage support provided under Job Support Scheme, announced at the Resilience and Solidarity Budgets.

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