[SINGAPORE] More than 80 per cent of Singapore’s financial sector workforce comprises locals, with the sector offering the highest median gross incomes among local workers, Minister of State for Trade and Industry Alvin Tan told Parliament on Monday (Mar 10).
Between 2018 and 2023, the sector added over 25,000 jobs, with locals filling more than 90 per cent of the net new positions, said Tan, who also sits on the board of the Monetary Authority of Singapore (MAS).
Singapore is home to over 2,500 licensed financial institutions, employing nearly 200,000 workers.
Tan was responding to Yio Chu Kang SMC Member of Parliament Yip Hon Weng, who asked about manpower shortages in the sector and how the government manages the balance between local and foreign workers.
MAS “closely monitors” the workforce profile of the financial sector, including the composition of key institutions, Tan said.
“We regularly engage senior management of key financial institutions on their workforce needs and composition, and on how we can work with them to develop local talent,” he added.
He cited the central bank’s S$400 million Talent and Leaders in Finance Programme, which provides grants to support training for local finance professionals at different career stages.
The Manpower Ministry’s Complementarity Assessment Framework, or Compass, also supports local employment by awarding points to firms based on their local share of professional, managerial, executive, or technical roles, he noted.
“We will continue to strike a delicate balance, ensuring our financial institutions have access to high-quality foreign talent while steadfastly developing our local talent pipeline,” Tan said.
