Financial sector employment up 4,800 in 2023: DPM Gan

The financial sector made up 14% of Singapore’s GDP in 2023.

Total employment in Singapore’s financial sector grew by 4,800 in 2023 according to Deputy Prime Minister Gan Kim Yong.

Speaking at an evening gala, Gan– who is also the chairman of the Monetary Authority of Singapore (MAS)– said that senior roles in financial institutions held by Singaporeans grew threefold to 6,500 in 2023 in a 7-year period. 

In contrast, less than 2,000 Singaporeans held senior positions in FIs in 2016.

“The financial sector is a key pillar of Singapore’s economy, accounting for about 14% of our GDP in 2023. From 2021 to 2023, the financial sector recorded  real value-added growth of 3.1% per annum,” Gan told attendees of the Institute of Banking & Finance (IBF) 50th anniversary evening gala held on 13 September 2024.

“Many good jobs with good pay have been created,” Gan added.

Gan highlighted the need  for upskilling and talent development as the local workforce dwindles.

Singapore is reportedly set to hit ‘super-aged’ status in 2026 on the back of its falling birth rates. With this, the growth of the local labour force will slow down significantly, Gan said.

“This means that future growth must be productivity-led, particularly in the skills-intensive financial sector,” he said.