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Survey on manpower needs and wages for the 1st quarter of 2023 – Financial activities

The Statistics and Census Service (DSEC) released results of the Survey on Manpower Needs and Wages of Financial Activities for the first quarter of 2023. The Survey covers the Banking Sector, Other Financial Intermediation, Insurance Activities, 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 2023, Financial Activities had 8,452 full-time employees; average earnings (excluding irregular remuneration) of full-time employees in March were MOP30,510, up by 2.1% year-on-year.

The Banking Sector had 7,188 full-time employees, an increase of 1.9% year-on-year; their average earnings in March went up by 1.1% to MOP30,830. Other Financial Intermediation had 260 full-time employees, up by 5.7% year-on-year; their average earnings rose by 10.2% to MOP27,810.

Insurance Activities had 805 full-time employees, up by 8.8% year-on-year; their average earnings in March grew by 2.3% to MOP31,500.

Number of full-time employees in Activities Auxiliary to Financial Intermediation went down by 20.7% year-on-year to 199, with clerks (129) decreasing by 23.7%; yet, their average earnings grew by 20.5% to MOP18,430 owing to a drop in the number of relatively low-paid employees.

At the end of the first quarter, job vacancies in Financial Activities decreased by 14 year-on-year to 333, of which vacancies in the Banking Sector (256) dropped by 31 while those in Insurance Activities (36) went up by 4. In terms of recruitment prerequisites, 64.8% and 100.0% of the job vacancies in the Banking Sector required work experience and tertiary education respectively. Meanwhile, 100.0% of the job vacancies in Other Financial Intermediation and 69.4% of those in Insurance Activities required tertiary education. As regards language skills, all the vacancies in Other Financial Intermediation required knowledge of Mandarin and English.

With respect to the Banking Sector, there were 175 new recruits and 210 employees leaving employment in the first quarter. The employee recruitment rate (2.4%) and the employee turnover rate (2.9%) grew by 0.1 and 0.4 percentage points respectively year-on-year, whereas the job vacancy rate (3.4%) went down by 0.5 percentage points; this indicated that some of the vacant posts in the sector have been filled in the quarter.

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