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Morning Coffee: Why it’s still rare to be unemployed in the Singapore finance sector

employment

Singapore’s employment rate has hit an all-time high. New figures from the Ministry of Manpower show that the rate rose to 79.7% this year – up slightly from 79% in 2013.

The tight labour market overall is replicated in the Singapore finance sector. “I don’t see many candidates who are long-term unemployed, out of work for more than a few months,” one recruiter told us last week. Indeed, total employment in “finance and insurance services” in Singapore increased from 183,600 in June 2013 to 191,400 in June this year, according to the latest available sector data on the MoM website.

Job losses in back-office banking because of offshoring to lower-cost locations in Asia have been offset by pockets of employment growth elsewhere in the finance sector – risk, compliance and relationship management in particular. The growth of outsourcing firms and the belated rise of contract-based roles in Singapore have also helped to mop up talent. And while Singapore’s skilled-immigration regime remains liberal by global standards, banks are certainly putting more effort into hiring local staff as they try to comply with the letter and spirit of the Fair Consideration Framework.

Meanwhile:

Sanjeev Bajaj becomes new CEO of ANZ in India. (Economic Times)

China to launch deposit insurance. (Financial Times)

Standard Chartered hit with ratings downgrade. (Business Times)

Pakistani accountant accuses Hong Kong banks of racism after being asked why he wants to open account. (South China Morning Post)

Singapore Institute of Management’s celebrates 50th anniversary and completion of campus expansion. (Channel News Asia)

MAS reprimands HSBC for breach of Financial Advisers Act. (Business Times)

Which Singaporean bank makes the best value investment? (The Motley Fool)

Bank lending stable in Singapore in October. (Channel News Asia)

Singapore employees set to enjoy 11 public holidays in 2015. (Straits Times)


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