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Survey on manpower needs and wages for the 1st quarter of 2022 - Financial activities

MACAU, May 23 - The Statistics and Census Service (DSEC) released results of the Survey on Manpower Needs and Wages of Financial Activities for the first quarter of 2022. The Survey covers the Banking Sector, Other Financial Intermediation, Insurance and Activities Auxiliary to Financial Intermediation, including financial institutions supervised by the Monetary Authority of Macao, but excluding insurance agents and brokers not directly employed by insurance companies.

At the end of the first quarter of 2022, Financial Activities had 8,292 full-time employees; average earnings (excluding bonuses) of full-time employees in March 2022 were MOP29,890, up by 2.7% year-on-year.

The Banking Sector had 7,055 full-time employees, an increase of 1.0% year-on-year; their average earnings in March went up by 2.9% to MOP30,480. Other Financial Intermediation had 246 full-time employees, down by 0.8% year-on-year, with their average earnings dropping by 9.2% to MOP25,230.

Insurance had 740 full-time employees, up by 10.8% year-on-year; their average earnings in March grew by 1.9% to MOP30,780.

Number of full-time employees in Activities Auxiliary to Financial Intermediation went down by 14.9% year-on-year to 251, with full-time employees in money exchange shops decreasing by 21.0%; however, their average earnings in March edged up by 0.8% to MOP15,300. 

At the end of the first quarter, job vacancies in Financial Activities increased by 73 year-on-year to 347, with vacancies in the Banking Sector (287) and Insurance (32) rising by 58 and 9 respectively. In terms of recruitment prerequisites, more than 90% of the vacancies in Financial Activities required knowledge of Mandarin and English. Meanwhile, 56.4% and 98.6% of the vacancies in the Banking Sector required work experience and tertiary education respectively, whereas 100.0% of the vacancies in Other Financial Intermediation and 68.8% of those in Insurance required tertiary education.

With respect to the Banking Sector, there were 159 new recruits and 175 employees leaving employment in the first quarter. The employee recruitment rate (2.3%) rose by 0.1 percentage point year-on-year, whereas the employee turnover rate (2.5%) and the job vacancy rate (3.9%) grew by 0.4 and 0.7 percentage points respectively; this indicated that there were still many vacant posts to be filled in the Banking Sector in this quarter.

During the first quarter, a total of 10,017 employee participants from Financial Activities attended training courses provided by the establishment (including courses organised by the establishment or in conjunction with other institutions, and those sponsored by the establishment), an increase of 6.4% year-on-year. Number of vocational training participants from the Banking Sector totalled 9,647, and most of them took Business and Administration courses (85.4%), followed by Information Technology courses (8.6%); in addition, 62.1% of the participants from this sector attended courses during non-office hours. As regards course fees, over 90% of the participants from Financial Activities took courses paid by the establishment.