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SINGAPORE: Local bank DBS announced on Thursday (May 14) that it will hire more than 2,000 people in Singapore this year, as it pledges to protect jobs amid the economic downturn caused by the COVID-19 pandemic.
The Singapore labor market has been under pressure from the coronavirus outbreak, as companies announce pay cuts or put licensed employees without pay.
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DBS said in a press release Thursday that of the 2,000 people it is committed to hiring, more than 1,000 will hold new positions that will comprise a mix of apprenticeships for recent graduates as well as more specialized roles for experienced professionals.
READ: MAS expects more job losses, wage cuts as the economy grapples with a “big, abrupt crash” of COVID-19
“COVID-19 has been devastating not only for global health, but also for economies and jobs. Job seekers, including recent graduates this year, are understandably anxious about the paucity of opportunities available as companies tighten their belts, ”said DBS CEO Piyush Gupta.
“While DBS is also cautious in our perspective, as a key employer in Singapore, we felt it was right not only to continue hiring for regular business activities but also to actively create new jobs where we can, to help more people go through this difficult period,” said.
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READ: DBS Q1 earnings drop 29% on provisions for coronavirus credit losses
The new roles include more than 360 jobs for experienced professionals in growth technology areas, such as UX / UI, data science, fraud detection compliance, as well as consumer banking and institutional technology.
The bank is also seeking to train and hire people in artificial intelligence, cloud computing, full-stack development and data analysis through a range of specialized talent development programs, DBS said.
READ: Job cuts and job withdrawals: Singapore job market shows signs of tension COVID-19
The lender aims to recruit more than 700 youth for its specialized programs and learning. It will also continue to run its annual internship programs, with more than 400 internship opportunities in 2020.
“In particular, we want to do our part to avoid having a ‘lost’ generation of young graduates in Singapore whose career prospects are in jeopardy because they cannot find work because of the pandemic,” said Mr. Gupta.
In addition to the new roles, DBS will also continue to recruit 1,000 people in Singapore for other roles across the bank.
“Since the COVID-19 outbreak in Singapore in February, DBS has already hired nearly 500 to perform customer advisory, data, digital technology, risk and control functions,” DBS said.
DBS had previously assured its 12,000-person Singapore workforce that there will be no layoffs due to the COVID-19 recession, and that all employees will continue to be paid even if they were unable to perform their jobs due to the temporary closure of branches and other “circuit breaker restrictions”.
“My colleagues and friends are concerned about the current economic and hiring climate, so I am grateful for the opportunity to build my career with DBS through its Graduate Associate Program,” said Jaslyn Lee, a student at the University of Technology at Nanyang, who completed an internship at DBS in 2019.
“I enjoyed my internship with DBS and was very inspired by the collaborative work environment and what the bank is doing on the sustainability front.”
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