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SINGAPORE: The Monetary Authority of Singapore (MAS) will ensure fair recruitment opportunities while preparing Singaporeans as leaders and specialists in the financial services sector, Transport Minister Ong Ye Kung said on Tuesday (September 1).
Mr. Ong, who is also a member of the MAS board, cited concerns that some firms may have an “unconscious bias among business bosses towards hiring people of their own nationality”, without giving Singaporeans a chance. fair.
“MAS demands that our financial institutions meet high standards and will not tolerate companies that do not adhere to fair hiring practices,” he said in a speech in Parliament during the debate on the president’s speech.
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In addition to ensuring fair hiring, MAS is creating opportunities for Singaporeans, he said, through schemes like the Finance Associate Management Scheme. The scheme supports financial institutions to recruit and prepare Singaporeans through structured talent development programs.
Another scheme is the International Publications scheme, which offers incentives to financial institutions to send Singaporeans for international exposure.
He also noted concerns about the “high concentration of one nationality in the technology departments of financial institutions.”
“It happened because technology adoption is a global phenomenon. There is an explosion in demand for technology professionals and we cannot fill all positions nationally, ”he said.
“We are strongly growing our local talent pool in this area, through mid-career skill upgrades and rapid expansion of IT positions at our universities. But this is unlikely to meet demand and foreign labor is still needed. “
Furthermore, he added, over-reliance on a “single source” would leave the country “more susceptible to unexpected disruptions.”
“MAS has been stepping up engagements with top leaders of key financial institutions on the need to maintain sound human resource practices that are based on merit and support diversity in the workplace,” said Mr. Ong.
In August, the Ministry of Manpower (MOM) included 47 employers, most of whom are in the financial and professional services sector, on a watch list of companies with alleged discriminatory hiring practices.
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President Halimah Yacob had said in a speech at the inauguration of the 14th Parliament last Monday that the government will address the issue of job pass holders competing with Singaporeans for jobs.
In the same week, Human Resources Minister Josephine Teo announced that the government will raise the salary criteria for Employment Passes and S Passes amid weak labor market conditions.
GROWING SINGAPORE AS A FINANCIAL CENTER
The government’s efforts to grow the financial sector have made it “one of the most promising sectors (of Singapore), especially for young people,” Mr. Ong said.
In the last five years, some 22,000 jobs were created in the financial sector, of which 15,000 were for Singaporeans. The growth of this sector has also contributed to the creation of jobs in the legal and accounting fields, many of which go to Singaporeans, he said.
“What has supported this growth? In essence, keep incorporating new activities, keep developing new capabilities, ”he said.
“AND In the development phase, inject foreign experience when necessary: people with backgrounds in the area. But over time, we grow our own wood, and as Singaporeans gain the experience, we take on more roles in multinational teams, both here and abroad. “
With the same approach, the government is now developing FinTech and Green Finance.
PROPORTION OF SINGAPOREAN WORKERS
Citing estimates from MAS, Mr. Ong said that 44 percent of those in senior positions are Singaporeans, while 20 percent are permanent residents (PRs) and 36 percent have work passes.
Meanwhile, 70% of the financial services sector workforce is Singaporean, 14% are PR and 16% have work passes.
These proportions have “remained stable” in recent years, he said.
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He addressed concerns that the proportion of senior positions going to Singaporeans could be “too low” and that “the large number of foreigners in high-level positions could displace Singaporeans.”
“The reason for a higher proportion of foreigners in positions of responsibility is mainly due to the large international component of activities here,” he said.
“Singapore has grown as a global financial center as more financial institutions established regional or global functions in Singapore. They have made us the center of expertise, networking and oversight of operations in other markets. “
This puts Singapore in an “enviable position” as it supports the development of the region and provides opportunities and jobs, he said.
He added that this “does not mean that Singaporeans are taking the shorter end of the stick” as “it is not a zero sum game.”
While the proportion of Singaporeans in senior positions has remained the same, the absolute number of Singaporeans in those positions has increased. From 2014 to 2019, the absolute number of senior jobs for Singaporeans increased from 1,700 to 2,600.
“That’s an increase of more than 50 percent in five years,” he said.
In addition, when banking functions come to Singapore, Singaporeans “gain valuable global and regional experience”, preparing Singaporeans to take on senior management roles in global companies.
FIND THE RIGHT SPEECH
While the discourse in some countries may have turned into nativism and an “us versus them” perspective in times of economic hardship and job insecurity, this is not a discourse that Singaporeans “deserve” or what most Singaporeans want. said Ong.
“I think the broader opinion understands the international character of our financial center, but wants to see Singaporeans do better, with a greater guarantee of fair hiring practices that put us on a level playing field. And these are valid concerns, ”he said.
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It is not about growing at all costs or accepting “rewards” for growth, he said, “but whether as people we can strengthen our place in the financial world, defend ourselves, develop experience, seize opportunities to improve the lives of people. Singaporeans “.
Singapore couldn’t have gotten this far with a close partnership with its financial institutions, Ong said.
“They are here because our location, our rule of law, our stability as a country, our inclusion, our openness, the spirit and talent of our people, make us a great place for them to do business. Here, ”he said.
“In turn, we work with them to catalyze new areas of growth and create new opportunities for Singaporeans.”
