Funding Schemes

About SSG Funding:

• Funding is available for employer sponsored and self-sponsored registration. Eligible for up to 90% funding with terms & conditions met.

• Upon completion of the programme, you will receive:

  • A copy of SIM Professional Development Enterprise Learning Certificate of Participation

  • A Statement of Attainment (SOA) will be awarded to programme participants by SSG upon successful completion of the programme with at least 75% attendance and have achieved a “Competent” Status for assessments

• The SSG training grant will not be claimable by the participant/employer if he/she does not achieve 75% minimum attendance over the course duration or complete the assessment. SIM will then issue a new invoice with the full fee and cancel the first invoice.

Funding amount:

• For Employer-based funding, visit the SkillsFuture Singapore website

• For Self-sponsored funding, visit the SkillsFuture Singapore website

Eligibility Criteria:

• Must be a Singapore citizen or permanent resident of Singapore

• Achieve a minimum of 75% programme attendance

• Must achieve a “Competent” status at the end of the programme

• Must agree with SIM Professional Development Enterprise Learning to jointly track training outcomes in evaluating the effectiveness of the programmes

Registration Process

1. Select your course from the Course Listing

2. Email us at funded-prog@sim.edu.sg or call us at 6248 9419 or 6248 9447

3. Log in to SkillsConnect to submit Training Grant Application & Absentee Payroll online.

4. SIM endorses on the Approved Training Grant when approved by SkillsFuture Singapore (SSG).

5. An electronic invoice will be emailed to you within two weeks upon confirmation of SSG’s approval on your Training Grant Application OR two weeks prior to the programme commencement, whichever earlier.

   • Upon receipt of payment, an official receipt will be issued to you. Please retain your official receipt.

Note that registration is subject to availability of seats and on first-come-first-serve basis.

If you wish to request for deferment, it has to be submitted in writing 14 days prior to commencement of course, after which 25% of course fee will be chargeable. If no notification is received by commencement date, the full course fee will be charged. Deferment is allowed only once and has to be completed within 6 months from the first registered session.

About SkillsFuture Credit:

• Aims to encourage individuals to take ownership of their skills development and lifelong learning.

• All Singaporeans aged 25 and above can use their $500 SkillsFuture Credit from the government to pay for a wide range of approved skills-related courses.

• You can check your credit balance and transactions via SkillsFuture Credit Portal

Eligibility criteria:

• Must be a Singapore citizen

• Must be aged 25 and above

Claim Submission Process

1. Select your course from the Course Listing

2. When registering for your course, you must:

   • Inform SIM of your intention to use your SkillsFuture Credit.

   • Request for the relevant amount to be offset against the qualifying course fees.

3. Prepare supporting documents for claim submissions. You may upload up to 10 documents with a maximum file size of 5MB per document. The supported file types are pdf, doc, xls, tif, jpg, png.

   • Document(s) detailing the course fee, government subsidy, receipt/net course fee payable (inclusive of GST) and applicant’s name as per NRIC

   • Proof of payment, e.g. registration confirmation or acknowledgement slips, official receipts

4. You must then submit your claim and documents via the SkillsFuture Credit Portal to pay the relevant credit amount directly to the Training Provider within 60 days of the course start date (date inclusive). You will need:

   • Your SingPass ID and password to login

   • Your course details (e.g. course start date, course title or ID, name of training provider) to submit a claim

Ensure that you keep the relevant supporting documents for at least six months.

Note that course registration is subject to availability of seats and on first-come-first-served basis.

If you wish to request for deferment, it has to be submitted in writing 14 days prior to commencement of course, after which 25% of course fee will be chargeable. If no notification is received by commencement date, the full programme fee will be charged. Deferment is allowed only once and has to be completed within 6 months from the first registered session.

• The IBF Standards Training Scheme (IBF-STS) provides course fee subsidies to eligible company-sponsored individuals and self-sponsored individuals who complete training and assessment courses accredited under the Skills Framework for Financial Services.
• The IBF Credit is a 5% course fee support that IBF provide to eligible company-sponsored individuals and self-sponsored individuals on top of the enhanced course fee subsidies for courses recognised under the IBF-STS, subject to the prevailing grant cap.

What is the IBF Standards Training Scheme and Financial Training Scheme?

The IBF Standards Training Scheme ("IBF-STS") provides course fee subsidies to eligible company-sponsored individuals and self-sponsored individuals who complete training and assessment courses accredited under the Skills Framework for Financial Services.

The Financial Training Scheme ("FTS") provides course fee subsidies to eligible company-sponsored individuals who complete financial sector-specific training courses recognized under FTS.

Why are course fee subsidies being enhanced?

The enhanced course fee subsidies are part of MAS’ support package to sustain and strengthen capabilities in the financial services and FinTech sectors amid the current economic slump. This will help to position financial institutions (FIs) and FinTech firms for stronger growth when the threat of COVID-19 recedes and economic activity normalises.

How have the IBF Standards Training Scheme (“IBF-STS”) and Financial Training Scheme (“FTS”) been enhanced?

Course fee subsidies for courses recognised under the IBF-STS and FTS will be increased from 70% and 50% respectively to 90%, subject to the prevailing grant cap.

What is the IBF Credit?

The IBF Credit is a 5% course fee support that IBF will provide to eligible company-sponsored individuals and self-sponsored individuals on top of the enhanced course fee subsidies for courses recognised under the IBF Standards Training Scheme (IBF-STS) and Financial Training Scheme (FTS), subject to the prevailing grant cap.

Who is eligible for the enhanced course fee subsidy and the IBF Credit?

Singapore Citizens and Singapore Permanent Residents who are physically based in Singapore are eligible for the enhanced course fee subsidies and IBF Credit.

Self-sponsored individuals are only eligible for the enhanced course fee subsidies and the IBF Credit for courses under the IBF Standards Training Scheme (“IBF-STS”). Self-sponsored individuals are not eligible for course fee subsidies and the IBF Credit for courses under the Financial Training Scheme (“FTS”).

Company-sponsored individuals are eligible for the enhanced course fee subsidies and the IBF Credit for courses under the IBF-STS or FTS.

To qualify for IBF-STS or FTS funding, participants must successfully complete the IBF recognised courses1 (including passing the relevant assessments, where applicable).

Where can I find training courses that have been recognised under the IBF Standards Training Scheme (“IBF-STS”) and Financial Training Scheme (“FTS”)?

Please refer to the IBF Programme Finder for the list of courses that have been recognised under IBF-STS and FTS.

When will the enhanced course fee subsidy take effect and for how long will the enhanced course fee subsidy be made available?

The enhanced course fee subsidies will apply to IBF recognised courses that commence on or after 8 April 2020, up to 31 December 2021, and are completed no later than 31 March 2022.

When will the IBF Credit take effect and for how long will it be made available?

The IBF Credit will apply to IBF recognised courses that commence on or after 8 April 2020, up to 31 December 2020, and are completed no later than 31 March 2021.

IBF Standards Training Scheme (“IBF-STS”)
 

Financial Training Scheme (“FTS”)

How will the enhanced IBF-STS and FTS funding schemes and IBF Credit be administered?

Eligible company-sponsored and self-sponsored individuals will be required to pay course fees net of enhanced course fee subsidies and the IBF Credit, subject to the prevailing grant cap.
 

About Union Training Assistance Programme (UTAP):

Union Training Assistance Programme (UTAP) is a training benefit for NTUC members to defray their cost of training. NTUC members enjoy 50% unfunded course fee support for up to $250 each year when you sign up for courses supported under UTAP.