Singaporeans are not getting the short end of the stick when it comes to senior roles in the banking sector, and there are ongoing efforts to create opportunities for locals, Transport Minister Ong Ye Kung said.
The higher share of foreigners in senior positions is «mainly due to the large international component of the activities here, as Singapore has grown as a global financial hub,» Ong said in parliament on Tuesday.
According to MAS estimates, about 70 percent of the workforce in the financial sector are Singaporeans, 14 percent PRs, and 16 percent work pass holders, figures that have remained stable in recent years, Ong revealed. For senior roles, Singaporeans account for 44 percent, PRs 20 percent, and work pass holders 36 percent.
«MAS holds our financial institutions to high standards and will not condone firms that fall short of fair hiring practices,» Ong added.
More Jobs
Ong quoted figures saying that the financial sector has created about 22,000 new jobs in the last five years, of which 15,000 had gone to Singaporeans.
From 2014 to 2019, the number of senior positions sited in Singapore grew from 3,900 to 5,900, of which 1,100 were taken by foreigners and 900 by Singaporeans.
The minister, however, conceded that more could be done to create opportunities for Singaporeans. «MAS is working with the industry to groom Singaporeans to be leaders and specialists in financial services,» Ong said.
Banks on Watchlist
Concerns over the number of foreigners in the banking sector arose last month, when the Ministry of Manpower (MOM) placed 47 firms – 30 of which are in the Financial Services and Professional Services sectors – on the Fair Consideration Framework Watchlist for suspected discriminatory hiring practices.
MAS managing director Ravi Menon said two weeks ago that protecting and growing Singaporean jobs, especially in current economic conditions, is a «top priority,» responding to calls that workforce composition in banks needs to be examined.
