Singaporean authorities seek to expand job opportunities for Singaporeans through the Manpower Plan.
The Monetary Authority of Singapore supports the Manpower Plan promoted by the Ministry of Manpower that seeks to establish more job opportunities for Singaporeans.
This initiative establishes a salary increase qualifying for pass holders’ entry-level employment in the financial services sector.
The two organizations worked together to determine the new minimum wage for the financial services sector, which now ranks higher than the rest of the economy.
This initiative is developed with the aim of providing more support to the recruitment of Singaporeans in the financial services sector.
Job creation is maintained
Despite the current crisis, the sector has continued to create jobs, with a net increase of less than 1,500 jobs in the first half of the year.
Of this figure 4 out of 5 jobs for Singapore citizens.
The Monetary Authority of Singapore stated that, although job creation will be slower in the second half of the year, it could be frozen for the next.
This salary increase will allow financial institutions to complement their workforce, said Jacqueline Loh, Deputy Director of Markets and Development at MAS.
“The move toward higher salary criteria for PE candidates complements MAS’s workforce development programs to expand job opportunities and deepen local capabilities, Loh said.
In the same way, he pointed out that a high-quality workforce, with a solid core with specialized skills, will allow the Singaporean financial services system to compete internationally.
He stressed that it is necessary to take advantage of new growth opportunities as economies and global ones recover from the crisis generated by the pandemic.