Parliamentary Replies
Published Date: 09 May 2022

Reply to Parliamentary Question on Breakdown of Residency for Senior Roles in the Financial Sector

QUESTION NO 1795

NOTICE PAPER 1135 OF 2022

FOR WRITTEN ANSWER

Date: For Parliament Sitting on 9 May 2022

Name and Constituency of Member of Parliament

Mr Leong Mun Wai, NCMP

Question:

To ask the Minister for Manpower what is the current percentage of Employment Pass holders, permanent residents and Singaporeans holding senior roles in the finance sector.

Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:

1. As at end-2021, about 71% of the financial sector workforce were Singapore Citizens, 14% were Permanent Residents, and 15% were work pass holders. For senior roles1, based on MAS’ survey results for 2020, about 46% were Singapore Citizens, 21% Permanent Residents and 33% work pass holders. These proportions have remained stable over the years, with a gradual increase in the proportion of Singapore Citizens holding senior roles in the finance sector.

2. In absolute terms, more than 3,000 Singapore Citizens now hold senior positions in the financial sector, an increase of more than 80% compared to 2016.

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[1] Senior financial professionals with more than 15 years of related work experience and undertake executive decisions in the company.