After 30 of the 47 firms placed on a government watchlist for suspected discriminatory hiring practices were found to be from the financial and professional services sectors, the Monetary Authority of Singapore (MAS) told the financial institutions here that they must commit to growing the local talent pool (‘MAS urges financial institutions to grow Singaporean talent pool‘).

“We have to remain open and will continue to welcome global talent that complement our workforce. Employers must, however, hire in a responsible manner and commit to growing the local talent pool,” MAS deputy managing director Jacqueline Loh said yesterday (12 Aug).

The 30 errant financial and professional service firms are said to have a “high concentration of PMETs from single nationalities”. In one financial institution in the fund management industry, almost three-quarters of their PMETs are of the same nationality and in another bank, almost two-thirds of the PMETs are also of the same nationality, the Manpower Ministry (MOM) revealed.

Ms Loh noted that attracting firms to set up their regional or global headquarters here means they will bring a diversity of talent from their global workforce, which may affect the proportion of Singaporeans on the staff.

“However, anchoring more global and regional functions here also brings along more growth, good jobs and opportunities for Singaporeans,” she said.

“Building a strong pipeline of local talent is key to supporting and sustaining a financial institution’s long-term build-out in Singapore.”

MAS urged companies to ensure their hiring practices comply with MOM’s Fair Consideration Framework.

Tharman urged banks to build up Singaporean core in 2013

This is not the first time MAS has been talking about building a “Singaporean core” in the financial industry.

As far back as 2013, then DPM and MAS Chairman Tharman Shanmugaratnam told the media that it is important Singaporeans take on a good spread of positions, including the best jobs in the front office for treasury and trading, in the financial industry (‘Crucial that Singaporean core can land top banking jobs’: Tharman).

He revealed at the time that MAS together with MOM had started “very active discussions” with banks in Singapore about their plans to develop a “Singaporean core”.

He said the Singaporean core in banking is “not just about numbers”.

“It’s about proactive career development, and making sure that Singaporeans are represented in the areas of the banks which are going to see growth opportunities,” he said. “It’s making sure there is a good spread of opportunities for Singaporeans within the different banking functions.”

Revealing to reporters for the first time then, he said the government had already noticed in the different “hiring mixes” among the banks in Singapore. That was in 2013.

In fact, prior to 2013, complaints and concerns about high numbers of foreigners in the financial sector have already been raised by Singaporeans. The high numbers were gradually built-up since Singapore signed the Comprehensive Economic Cooperation Agreement (CECA) with India in 2005.

In any case, 7 years after 2013, Singaporeans continue to share the same concerns and MAS continues to talk about developing a “Singaporean core” in the financial industry after a bank was found to have almost three-quarters of their PMETs recruited from the “same nationality”. MOM did not reveal details of the nationality.

 

Subscribe
Notify of
7 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
You May Also Like

Inflated legal costs—all eyes on SMC for now

In recent weeks, there have been a lot written in some blogs…

都是爽身粉惹得祸!被误当毒品遭酒店报警 富家女网上控诉被疯传

都是爽身粉惹得祸!本月11日,一名网友与朋友前往圣淘沙五星级酒店庆生,她携带的爽身粉却被酒店员工误当成毒品,后者惨被上铐带回警察,遭扣押14个小时。 这起乌龙事故是发生位于圣淘沙升涛湾的一间五星级酒店,而事故的主人则是来自印尼的莎洛妮雅,目前正在本地一所私立学校就读。11月10日迎来了她19岁的生日,为了庆祝生日,她在该酒店订了一间客房,邀请朋友一同庆生。 她于社交媒体上控诉事件的经过,并追述说道,11月11日凌晨2点左右,她的两名朋友发现客房浴室门无法拉开,而在将门拉开时,突然发生玻璃门爆裂,于是通知酒店职员前来检查。 而当时她将一罐装着爽身粉的透明罐放在浴室内,而酒店职员则误以为是毒品,于是报警处理。 “酒店职员误把爽身粉当成是毒品,指我和朋友在客房举行‘毒品派对’,没查清楚就报警。” 据她说,之后她和朋友被上铐带回警局,被扣押了14个小时协助调查。 警方则在受询时证实于11月10日早上9点29分接获通报,指在一间酒店客房内寻获疑似毒品的白色粉末,而随后客房内,年龄介于18岁至19岁的一女三男则因涉嫌持有和吸食毒品而被捕。 警方续指,四人随后接受尿液样本初步检测,均呈现阴性反应,翌日便将四人无条件释放。 莎罗尼亚在被释放后,将此事曝光,并描述了当下的情况,直指整个过程如同被羞辱,并控诉离开时,酒店仍只在乎被打破的玻璃门。 “当我们离开酒店时是由警方上铐护送我们离开,真是令人羞耻,因为酒店内仍有客人看到我们,视我们为罪犯。” 据《新报》报道,资深刑事律师Rajan Supramaniam透露,检测过程可能需要数小时,因为样本需送到卫生科学管理局进行检测,需要一些时间。…

张素兰:谁会成为《防假消息法》下一个受害者?

短短三周内,财政部、内政部、人力部和教育部,都透过防假消息法办事处,向在野党人物和时事网站管理人,发出更正指示。 今年10月2日,《防止网络假信息和防止网络操纵法案》证实生效。而新加坡前进党党员毕博渊(Brad Bowyer),在11月25日,成为首位被政府援引上述法令,要求更正贴文。 之后仅隔四日,轮到内政部出击,祭出《防假消息法》,要求来自澳洲的脸书专页State Times Review(STR),更正内容 紧接着人力部在本月14日,透过防假消息法办事处,针对新加坡民主党提及本地PMET(专业人士、经理、执行人员以及技师)失业率呈现增长趋势的文章和贴文,反驳内容试图误导国人,要求后者更正。 对此,本地人权律师张素兰也在功能八号氏族会的脸书,好奇询问“谁会是下一位受害者?” 张素兰揶揄,似乎王瑞杰、尚穆根和杨莉明等部长都在忙着“找对象”(寻找受害对象),“他们很显然吃饱没事做,所以都在阅读和审查博客和脸书贴文内容!” 张素兰昨日才刚发文,不料一语成谶,新加坡人民之声党领袖林鼎律师,就在今早(16日)接到当局要求更正贴文的指示。 张素兰认为,相传选举可能在明年3月举行,为此这些动作可能旨在产生噤声的效应,因为仍在审讯中的诽谤诉讼个案,仍未能把所有声音压下来。 她直言,不一定是如毕博渊或民主党等人士,任何人都成为“受害者”;谁能幸免?只有有权动用“泼马”法的部长能左右。…

Top 5 reasons you should install an in-car camera

 By Value Penguin  You may have noticed in recent years that people…