MAS launches S$8m scheme to co-fund salaries, tuition of poly students and graduates in financial sector

THE Monetary Authority of Singapore (MAS) has launched a S$8 million scheme to encourage financial institutions to hire and train polytechnic students and graduates.

Under the Polytechnic Talent for Finance scheme, MAS will co-fund internships, apprenticeships and sponsorships for polytechnic students and graduates working in Singapore financial institutions.

The scheme will be administered by the Institute of Banking & Finance over the next three years, MAS said.

At its launch on Monday (Apr 24), Minister of State for Trade and Industry Alvin Tan, who is also an MAS board member, noted that only 3 per cent of polytechnic graduates joined the financial sector in full-time, permanent jobs after graduation in 2021.

This is even though financial sector jobs account for more than 5 per cent of all jobs in the economy, Tan said.

He added: “Many may see a university degree as a powerful piece of paper that will bring you success. However, having a degree is not a pre-requisite to land a good job in the financial sector.”

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For polytechnic students, the scheme will fund 80 per cent of monthly internship stipends for up to 12 months, capped at S$1,000 monthly.

Apprenticeships will be funded for polytechnic graduates, with the scheme providing salary support of up to S$2,000 per month for up to 12 months. Apprentices placed into university graduate-equivalent roles within three years from the start of the programme will receive salary support for an additional period of up to 12 months, MAS said.

For finance professionals who are diploma holders, meanwhile, the scheme will provide for sponsorships at post-diploma and degree-equivalent programmes, while allowing for continued employment. It will fund 50 per cent of tuition fees, capped at S$10,000.