MAS, IBF Take Steps to Prevent Financial Sector Job Losses
IBF will run surveys every six months to obtain data about job losses at FIs to offer their staff reskilling support and possible redeployments in the industry.
Singapore’s National Jobs Council has selected IBF (Institute of Banking and Finance) as the jobs development partner for the financial services sector.
IBF will boost opportunities for Singaporeans to access jobs, traineeships, and training in the financial services sector.
In collaboration with MAS (Monetary Authority of Singapore), IBF will launch a six-monthly survey on hiring opportunities and potential job losses in the financial services sector.
The new data exercise will provide IBF with timely information to proactively engage financial institutions on job and training opportunities for Singaporeans.
Armed with the new data, IBF will also proactively reach out to the relevant financial institutions and offer support to their affected staff through pre-emptive reskilling and possible redeployment within the firm or the industry.
This represents an expansion of IBF’s current focus to support workers who are in job roles that are being transformed due to the wider adoption of technology in financial services.
Article written for & by Regulation Asia, Editors