Program Overview:
The gig economy has rapidly transformed the employment landscape in Singapore, bringing both opportunities and challenges for gig workers. Recent regulatory changes have significant implications for this segment of the workforce, affecting income management, social security contributions, taxation, and more.
This comprehensive 14-hour course is designed for financial advisors, bank relationship managers, and insurance specialists. It aims to equip you with the knowledge and tools necessary to navigate the complexities of financial planning for gig economy workers in the current environment.
Through in-depth analysis, practical case studies, and interactive workshops, you will gain a thorough understanding of how to advise gig workers on managing irregular income, optimizing social security benefits, addressing insurance needs, understanding taxation obligations, and planning for retirement. This course will enable you to provide informed, ethical, and tailored advice to your clients who are part of this growing segment of the workforce.
14 hours (including a 1-hour Multiple Choice Question (MCQ) Assessment). Upon completion of this program, you will be awarded a Certificate of Completion and 14 Supplementary (Non-Core) CPD Hours.
This course is for licensed representatives working as Financial Planners, Insurance Agents and Bancassurance Specialists involved in financial advisory work.
By the end of this program, participants will be able to:
- Comprehend the Gig Economy Landscape in Singapore:
- Understand the key features and trends of the gig economy.
- Analyze the impact of recent regulatory changes on gig workers and financial advisory practices.
- Navigate the Evolving Regulatory Environment:
- Interpret the new legal frameworks affecting gig workers.
- Assess the implications for worker classification, rights, and responsibilities.
- Develop Holistic Financial Plan for Gig Workers in Different Contextual Situations:
- Develop strategies for budgeting with variable income streams.
- Utilize financial tools and apps specific to Singapore’s context.
- Advise on mandatory contributions and their impact on disposable income.
- Identify insurance gaps not covered by mandatory benefits and recommend appropriate insurance products to mitigate financial risks.
- Integrate Central Provident Fund (CPF) and Supplementary Retirement Schemes into clients’ retirement plans.
- Suggest investment strategies to meet financial objectives.
- Integrate government support schemes and supplementary savings options.
- Implement effective tax planning strategies and navigate tax obligations and reporting requirements under the new regulations to avoid penalties.
- Implement relevant estate planning tools and strategies.
- Provide Ethical and Professional Advice:
- Uphold ethical standards in financial advising.
- Communicate complex regulatory changes effectively to clients.
- Apply Knowledge Through Case Studies & Discussions:
- Analyze real-world scenarios involving gig workers from various sectors.
- Develop practical financial plans tailored to different client profiles.
$2,000 before GST
This course has been accredited under the Skills Framework for Financial Services and is eligible for funding under the IBF Standards Training Scheme (IBF-STS), subject to all eligibility criteria being met.
Participants are advised to assess the suitability of the course and its relevance to his/her business activities or job roles.
The IBF-STS is available to eligible entities and individuals based on the prevalent funding eligibility, quantum and caps. IBF-STS provides up to 70% course fee subsidy support for direct training costs subject to a cap of S3,000 per candidate per course subject to all eligibility criteria being met.
Find out more on www.ibf.org.sg.
This course addresses the following Technical Skills and Competencies (TSCs) and proficiency level:
- Personal Finance Advisory (proficiency level 4)
Participants are encouraged to access the IBF MySkills Portfolio (https://www.ibf.org.sg/home/for-individuals/resource-tools/myskills-portfolio) to track their training progress and skills acquisition against the Skills Framework for Financial Services. You can apply for IBF Certification after fulfilling the required number of Technical Skills and Competencies (TSCs) for the selected job role.
Find out more about IBF certification and the application process on https://www.ibf.org.sg/home/for-individuals/ibf-certification/why-be-ibf-certified.
For program schedules and registration details, please contact us at enquiries@fp-edu.com.
Equip yourself with the expertise to navigate the evolving financial landscape of the gig economy in Singapore. Join us in this essential program to enhance your professional services and provide unparalleled value to your clients.