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WP jamus vs Joteo stunned
- Thread starter Ralders
- Start date
Why is the Quiet party not hitting Jo's tep further? The report on 3/4 of senior mgt at a bank is from 1 country n why was the employment Visa issued in the 1st place? Mom did not know? This would give Jo's teo a heart attack but the quiet party keep quiet.
MAS will ensure ‘fair hiring practices’ in financial services sector, create opportunities for Singaporeans: Ong Ye Kung
The Monetary Authority of Singapore (MAS) will work with the financial services industry to groom more local leaders and specialists, said Transport Minister Ong Ye Kung, who sits on the MAS board. Brandon Tanoto with more.
Bookmark
SINGAPORE: The Monetary Authority of Singapore (MAS) will ensure fair hiring opportunities while grooming Singaporeans as leaders and specialists in the financial services sector, said Transport Minister Ong Ye Kung on Tuesday (Sep 1).
Mr Ong, who is also a board member of MAS, cited concerns that some firms may have an “unconscious bias amongst business heads towards hiring people from their own nationality”, without giving Singaporeans a fair chance.
“MAS holds our financial institutions to high standards and will not condone firms that fall short of fair hiring practices,” he said in a speech in Parliament during the debate on the President's Address.
READ: CECA does not give Indian nationals automatic access to citizenship, PR status, employment: MTI
Other than ensuring fair hiring, the MAS is creating opportunities for Singaporeans, he said, through schemes like the Finance Associate Management Scheme. The scheme supports financial institutes to hire and groom Singaporeans through structured talent development programmes.
Another scheme is the International Postings scheme, which provides incentives for financial institutions to send Singaporeans for international exposure.
He also noted concerns about the “high concentration of one nationality in the technology departments of financial institutions”.
“It happened because the adoption of technology is a worldwide phenomenon. There is an explosion of demand for technology professionals and we are unable to fill all the posts domestically, “ he said.
“We are furiously growing our local talent pipeline in this area, through mid-career skills upgrading, and expanding computer science places rapidly in our universities. But this is not likely to meet the demand and foreign manpower is still needed.”
In addition, he added, over-reliance on a “single source” would leave the country “more susceptible to unexpected disruptions”.
“MAS has been stepping up engagements with the top leadership of key financial institutions on the need to maintain robust HR practices that are merit-based and support workplace diversity”, said Mr Ong.
In August, the Ministry of Manpower (MOM) placed 47 employers - most of which are from the financial and professional services sector - on a watchlist of companies with suspected discriminatory hiring practices.
READ: Harsher penalties for companies whose hiring practices discriminate against Singaporeans
President Halimah Yacob had said in speech at the opening of the 14th Parliament last Monday that the Government will address the issue of work pass holders competing with Singaporeans for jobs.
In the same week, Manpower Minister Josephine Teo announced that the Government will raise the salary criteria for Employment Passes and S Passes amid weak labour market conditions.
GROWING SINGAPORE AS A FINANCIAL HUB
The Government’s efforts to grow the financial sector has made it “one of (Singapore’s) most promising sectors, especially for the young”, said Mr Ong.
About 22,000 financial sector jobs were created over the past five years, with 15,000 going to Singaporeans. The growth of this sector has also contributed to jobs in the legal and accountancy fields, many of which go to Singaporeans, he said.
“What has underpinned this growth? In essence, keep bringing in new activities, keep developing new capabilities,” he said.
“And in the build-up phase, inject foreign expertise where necessary - people with track records in the area. But over time, grow our own timber, and when Singaporeans gain the expertise, we take on more roles in multi-national teams, here as well as abroad.”
With the same approach, the Government is now developing FinTech and Green Finance.
PROPORTION OF SINGAPOREAN WORKERS
Citing MAS estimates, Mr Ong said that 44 per cent of those in senior roles are Singaporeans, while 20 per cent are permanent residents (PRs) and 36 per cent work pass holders.
Meanwhile, 70 per cent of the financial services sector workforce are Singaporeans, 14 per cent PRs and 16 per cent work pass holders.
These proportions have “remained stable” in recent years, he said.
READ: Union leader urges tougher measures to tackle hiring bias, including EP quotas and ending tax breaks
He addressed concerns that the share of senior positions going to Singaporeans could be “too low”, and the “large number of foreigners in senior positions may then crowd out Singaporeans”.
“The reason for a higher share of foreigners in senior roles is mainly due to the large international component of activities here,” he said.
“Singapore has grown as a global financial centre as more financial institutions set up regional or global functions in Singapore. They have made us the hub for expertise, networking and oversight of operations in other markets.”
This puts Singapore in an “enviable position”, as it supports the region’s development and bring opportunities and jobs, he said.
He added that this “does not mean that Singaporeans are getting the short end of the stick”, as it is “not a zero-sum game”.
While the proportion of Singaporeans in senior roles have remained the same, the absolute number of Singaporeans in those roles have grown. From 2014 to 2019, the absolute number of senior jobs going to Singaporeans went from 1,700 to 2,600.
“That is more than a 50 per cent increase in five years,” he said.
In addition, when bank functions come to Singapore, Singaporeans “gain precious global and regional expertise”, which prepares Singaporeans to take on senior management roles in global firms.
FINDING THE RIGHT DISCOURSE
While the discourse in some countries may have turned into nativism and an “us-versus-them” perspective in times of economic difficulty and job insecurity, this is not a discourse Singaporeans “deserve” nor what most Singaporeans want, said Mr Ong.
“The more widely held view, I think, understands the international character of our financial centre, but wants to see Singaporeans do better, with greater assurance of fair hiring practices that put us on a level playing field. And these are valid concerns,” he said.
MAS will ensure ‘fair hiring practices’ in financial services sector, create opportunities for Singaporeans: Ong Ye Kung
The Monetary Authority of Singapore (MAS) will work with the financial services industry to groom more local leaders and specialists, said Transport Minister Ong Ye Kung, who sits on the MAS board. Brandon Tanoto with more.
Bookmark
SINGAPORE: The Monetary Authority of Singapore (MAS) will ensure fair hiring opportunities while grooming Singaporeans as leaders and specialists in the financial services sector, said Transport Minister Ong Ye Kung on Tuesday (Sep 1).
Mr Ong, who is also a board member of MAS, cited concerns that some firms may have an “unconscious bias amongst business heads towards hiring people from their own nationality”, without giving Singaporeans a fair chance.
“MAS holds our financial institutions to high standards and will not condone firms that fall short of fair hiring practices,” he said in a speech in Parliament during the debate on the President's Address.
READ: CECA does not give Indian nationals automatic access to citizenship, PR status, employment: MTI
Other than ensuring fair hiring, the MAS is creating opportunities for Singaporeans, he said, through schemes like the Finance Associate Management Scheme. The scheme supports financial institutes to hire and groom Singaporeans through structured talent development programmes.
Another scheme is the International Postings scheme, which provides incentives for financial institutions to send Singaporeans for international exposure.
He also noted concerns about the “high concentration of one nationality in the technology departments of financial institutions”.
“It happened because the adoption of technology is a worldwide phenomenon. There is an explosion of demand for technology professionals and we are unable to fill all the posts domestically, “ he said.
“We are furiously growing our local talent pipeline in this area, through mid-career skills upgrading, and expanding computer science places rapidly in our universities. But this is not likely to meet the demand and foreign manpower is still needed.”
In addition, he added, over-reliance on a “single source” would leave the country “more susceptible to unexpected disruptions”.
“MAS has been stepping up engagements with the top leadership of key financial institutions on the need to maintain robust HR practices that are merit-based and support workplace diversity”, said Mr Ong.
In August, the Ministry of Manpower (MOM) placed 47 employers - most of which are from the financial and professional services sector - on a watchlist of companies with suspected discriminatory hiring practices.
READ: Harsher penalties for companies whose hiring practices discriminate against Singaporeans
President Halimah Yacob had said in speech at the opening of the 14th Parliament last Monday that the Government will address the issue of work pass holders competing with Singaporeans for jobs.
In the same week, Manpower Minister Josephine Teo announced that the Government will raise the salary criteria for Employment Passes and S Passes amid weak labour market conditions.
GROWING SINGAPORE AS A FINANCIAL HUB
The Government’s efforts to grow the financial sector has made it “one of (Singapore’s) most promising sectors, especially for the young”, said Mr Ong.
About 22,000 financial sector jobs were created over the past five years, with 15,000 going to Singaporeans. The growth of this sector has also contributed to jobs in the legal and accountancy fields, many of which go to Singaporeans, he said.
“What has underpinned this growth? In essence, keep bringing in new activities, keep developing new capabilities,” he said.
“And in the build-up phase, inject foreign expertise where necessary - people with track records in the area. But over time, grow our own timber, and when Singaporeans gain the expertise, we take on more roles in multi-national teams, here as well as abroad.”
With the same approach, the Government is now developing FinTech and Green Finance.
PROPORTION OF SINGAPOREAN WORKERS
Citing MAS estimates, Mr Ong said that 44 per cent of those in senior roles are Singaporeans, while 20 per cent are permanent residents (PRs) and 36 per cent work pass holders.
Meanwhile, 70 per cent of the financial services sector workforce are Singaporeans, 14 per cent PRs and 16 per cent work pass holders.
These proportions have “remained stable” in recent years, he said.
READ: Union leader urges tougher measures to tackle hiring bias, including EP quotas and ending tax breaks
He addressed concerns that the share of senior positions going to Singaporeans could be “too low”, and the “large number of foreigners in senior positions may then crowd out Singaporeans”.
“The reason for a higher share of foreigners in senior roles is mainly due to the large international component of activities here,” he said.
“Singapore has grown as a global financial centre as more financial institutions set up regional or global functions in Singapore. They have made us the hub for expertise, networking and oversight of operations in other markets.”
This puts Singapore in an “enviable position”, as it supports the region’s development and bring opportunities and jobs, he said.
He added that this “does not mean that Singaporeans are getting the short end of the stick”, as it is “not a zero-sum game”.
While the proportion of Singaporeans in senior roles have remained the same, the absolute number of Singaporeans in those roles have grown. From 2014 to 2019, the absolute number of senior jobs going to Singaporeans went from 1,700 to 2,600.
“That is more than a 50 per cent increase in five years,” he said.
In addition, when bank functions come to Singapore, Singaporeans “gain precious global and regional expertise”, which prepares Singaporeans to take on senior management roles in global firms.
FINDING THE RIGHT DISCOURSE
While the discourse in some countries may have turned into nativism and an “us-versus-them” perspective in times of economic difficulty and job insecurity, this is not a discourse Singaporeans “deserve” nor what most Singaporeans want, said Mr Ong.
“The more widely held view, I think, understands the international character of our financial centre, but wants to see Singaporeans do better, with greater assurance of fair hiring practices that put us on a level playing field. And these are valid concerns,” he said.
All the bleeding heart BS coming out. The quiet party should ask...where were u in the last parleement? Why now than kpkb?
Exactly....go one big round then comes to none.
Jln besar all is lao eh.What the fuck was she going on about? Saying every damn fuck thing except answering the question. KNNBCCB!
Voters of Jln Besar GRC, fuck those of you who voted for her.Phua CB!
May not understand what this is all about
She’s a disciple of Cotton.
CB jo , CCB cant even answer the question, but hooe the retrenched are PAPigs supporters, cannot imagine she being paid millions of dollars per year.CB all try to cry crocodile tears like lualan Wong , all Useless CBL
would be more chio if she were to get her teeth straightened and aligned properly.
when “law of diminishing returns” happens with hiring companies securing their already bloated foreign “talent” pool and much less are sexpected to be hired, auntie teo could have retorted.... “one talent attracts multiple talents, the more the merrier - if sg can accommodate all the world’s talent, we will do so.”
CB , jo useless , i don understand this Puay CB get oay for CBL.Even SP n EP salary scsle is s bullshit.And slso all these CB forrigners esp mslaysian sll CB PR for so msny years still PR , here to leech the system , should set a standard 5 yrs after still PR just revoke if they not becone citizen , very simple as that , CCB .
The Speaker is yet but another piece of shit in the House.
THAT is why she is paid millions. She was chosen for her "skills" in responding, but not answering questions.
This is major KPI of PAP ministers!
passed with crying colors.THAT is why she is paid millions. She was chosen for her "skills" in responding, but not answering questions.
This is major KPI of PAP ministers!
If i catch any Malay Mps or Minister doing tat, i am going to throw my chappal at them!
