MAS supports job opportunities for Singaporeans; encourages global talent

By Edil Corneille

The Monetary Authority of Singapore (MAS) announced its support to the move by the Ministry of Manpower (MOM) which increases the minimum qualifying salary (MQS) for entry-level employment pass (EP) holders in the financial services sector to $5,000. The central bank of Singapore worked closely with MOM to determine the new MQS for the financial services sector, which is higher than that for the rest of the economy. This takes into account the higher local salary levels in the financial services sector.

The increase in the MQS will provide further support for the hiring of Singaporeans in the financial services sector. The sector is said to have continued to create jobs even in the current crisis, albeit with a smaller net increase of about 1,500 jobs in the first half of the year, with 4 out of 5 jobs going to Singapore Citizens, as mentioned in a press release by the central bank. MAS apprised that while job creation will be slower in the second half of the year and could remain muted next year, the financial sector is well-positioned to be an important source of job opportunities for Singaporeans in the years ahead.

The calibrated increase in the MQS will continue to allow financial institutions to complement their local workforce by tapping on a global talent pool for the specialised skillsets that the financial sector needs. These include deep capabilities in areas like cybersecurity, machine learning, and full stack development, as well as expertise in new growth segments like green finance, pandemic risk insurance, and family offices.

Jacqueline Loh, Deputy Managing Director (Markets & Development), MAS, said, “The move towards the higher salary criteria for EP candidates complements MAS’ manpower development programmes to expand job opportunities and deepen local capabilities. A high quality workforce, with a strong Singaporean core complemented by EP holders with specialised skills, will best enable our financial services sector to compete internationally, and seize new growth opportunities as the Asian and global economies recover.”