It was recently stated by the Monetary Authority of Singapore that Singapore citizens account for seven in 10 of senior management roles in relation to retail banks’ local functions.
But in terms of the country’s entire financial sector, the foreigners in Singapore make up 57 per cent of senior management.
MAS managing director, Ravi Menon said this recently ” As our financial sector attracts more regional and global HQ (headquarter) functions, it creates more good jobs and opportunities for Singaporeans.
“But it also means a higher proportion of foreigners in senior management in these functions as FIs (financial institutions) understandably draw from a global talent pool to fill these positions,” he added.
A retired senior banker, Raymond Koh, recently stated “Once hired, these foreign staff can easily and in a short time secure their PR status in Singapore. Therefore, when analysing the actual makeup of local staff, it is misleading to combine the Singaporeans and PRs.”
Currently, another 47 employers had been place on a watch list due to their discriminatory hiring practices and most of these employers are from the financial services sector.