The Professional Conversion Programme (PCP) was first announced, as part of the Adapt and Grow initiative, by the Manpower Ministry during Budget 2016. Under the PCP, companies can tap on Workforce Singapore’s (WSG) funding to help pay for a workers’ salary as they embark on a new career.
The PCP was launched to help professionals, managers, executives and technicians (PMETs), including mid-career switchers, advance into sectors that are more in-demand.
But for the first time in the financial industry, companies can embark on their own PCP to redeploy their existing staff and new hires, who are at risk of job redundancy, into jobs in growth areas within the company.
Under the company-initiated PCP, employers will also have the flexibility to customise the training for their staff.
The PCP was launched by NTUC Assistant Secretary-General (ASG) and Financial Sector Tripartite Committee Co-Chairperson Patrick Tay on 28 March 2017. OCBC Bank is piloting the programme to train and convert its staff and new hires into compliance-related roles.
ASG Tay said: “Different companies have different needs, sizes and serve different markets. The compliance may be different for them too. This PCP allows the companies the flexibility to customise the training programmes.”
Participating financial companies will still receive funding from WSG for salary support and training subsidy under the company-initiated PCP.
New Jobs Amidst Uncertainties
ASG Tay said that even though there are many uncertainties in the financial sector, many new jobs are being created because of disruptions. He added that compliance is one of them.
Enhancements to the PCP were recently announced at the Manpower Ministry’s Committee of Supply debate, with employers now receiving more salary support.
The standard salary support cap was raised from $2,000 to $4,000 a month. The salary support cap for PMETS aged 40 and above or are unemployed for six months or more was raised from $4,000 per month to $6,000 per month.
Launch of Financial Services Week
The announcement of the company-initiated PCP for the financial industry coincided with the launch of the Financial Services Week, which ran from 28–31 March 2017.
Through the week, the Financial Industry Career Advisory Centre hosted talks with industry experts, mentoring sessions, career preparatory workshops and career fairs for professionals, managers and executives.
Good to Know
For more information on the Financial Industry Career Advisory Centre, visit www.ntuc.org.sg/pme.
Source: NTUC This Week
