Survey on manpower needs and wages for the 1st quarter of 2024 - Financial activities

MACAU, May 21 - Information from the Statistics and Census Service (DSEC) indicated that there were 8,565 full-time employees in Financial Activities at the end of the first quarter of 2024. Among them, 7,246 were in the Banking Sector, 812 in Insurance Activities and 297 in Other Financial Intermediation (e.g. payment service institutions, financial leasing companies), up by 0.8%, 0.9% and 14.2% respectively year-on-year.

In March 2024, average earnings (excluding irregular remuneration) of full-time employees in Financial Activities were MOP31,180, up by 2.2% year-on-year. Average earnings of those in the Banking Sector (MOP31,440), Insurance Activities (MOP33,390) and Other Financial Intermediation (MOP28,680) grew by 2.0%, 6.0% and 3.1% respectively year-on-year.

As regards job vacancies, number of vacancies in Financial Activities decreased by 66 year-on-year to 267 at the end of the first quarter, with those in the Banking Sector (210) and Insurance Activities (34) dropping by 46 and 2 respectively. In terms of recruitment prerequisites, most of the vacancies in Financial Activities required tertiary education and knowledge of Mandarin and English. There were 96.2% and 97.1% of the vacancies in the Banking Sector and Insurance Activities requiring tertiary education. Meanwhile, the proportions of the vacancies requiring knowledge of Mandarin and English in the Banking Sector were 96.7% and 93.8% respectively, while the corresponding proportions for Insurance Activities were both 94.1%. Besides, 53.8% (7) and 52.9% (18) of the vacancies in Other Financial Intermediation and Insurance Activities required professional certification, whereas the corresponding share for the Banking Sector was just 12.4% (26).

With respect to the Banking Sector, there were 194 new recruits and 239 employees leaving employment in the first quarter, representing respective increases of 19 and 29 year-on-year. The employee recruitment rate (2.7%) and the employee turnover rate (3.3%) grew by 0.3 and 0.4 percentage points respectively year-on-year, while the job vacancy rate (2.8%) dropped by 0.6 percentage points; this indicated that some of the vacant posts in the sector in this quarter have been filled.

The Survey on Manpower Needs and Wages of Financial Activities for the first quarter of 2024 mainly covered the Banking Sector, Insurance Activities and Other Financial Intermediation (e.g. payment service institutions, financial leasing companies), which included financial institutions supervised by the Monetary Authority of Macao but excluded insurance agents and brokers not directly employed by insurance companies.