Banks will receive $2,000 every month for each Singaporean fresh graduate or Singaporean worker from other sectors they hire as part of a Monetary Authority of Singapore (MAS) talent development initiative, up from $1,000.
They will also get more subsidies when they send staff for relevant courses accredited by the Institute of Banking and Finance Singapore (IBF).
These are among the measures in a $125 million support package rolled out by MAS yesterday aimed at preparing companies for the economic rebound when the coronavirus threat recedes.
The package comes on top of aid that MAS announced on March 31, allowing firms to defer principal payments on their secured term loans and allowing individuals to put off paying back their housing loans, among other measures.
The new training allowance grant will supplement the Jobs Support Scheme announced during the Budget this year, MAS said in a statement yesterday.
It will disburse $10 per training hour to individuals who are paying for the course themselves and $15 per training hour for staff sponsored by financial institutions and fintech firms.
Subsidies for relevant courses accredited by the IBF will also be increased to 90 per cent, up from 50 per cent to 70 per cent, as long as the attendees are Singaporeans or permanent residents. MAS said: "The subsidies will be disbursed in advance to help alleviate any cash-flow challenges that firms and individuals may face."
MAS is doubling salary support for financial institutions to hire Singaporean fresh graduates or Singaporean workers from other sectors and place them in talent development programmes under the Finance Associate Management Scheme.
Financial institutions will receive $2,000 every month, for up to two years, for each eligible worker they hire under the scheme, according to the MAS website. It will apply only to applications submitted from yesterday onwards, and for hires this and next year.
Also in place is a grant to help financial institutions and fintech firms with no more than 200 staff implement digital solutions to minimise disruption during emergencies such as the Covid-19 outbreak.
Firms can apply for the grant via the MAS website. The grant will offset up to 80 per cent of qualifying expenses - up to a cap of $100,000 or $120,000. Supported solutions include cloud services, office productivity tools and security solutions.
About half of the 67 respondents in a Singapore FinTech Association survey complained about a significant hit to their business due to the fallout from Covid-19.
The survey also found that firms want advice on government grants and help with fund-raising and generating business leads.
The industry body said yesterday it will be working with the National Trades Union Congress and Employment and Employability Institute to come up with targeted schemes to help companies better manage manpower.
They will also help fintech firms expand their capabilities via job redesign and upskilling of workers.
