Percentage of Employment Pass Holders, Permanent Residents and Singaporeans Holding Senior Roles in Finance Sector

Mr Leong Mun Wai asked the Prime Minister what is the current percentage of Employment Pass holders, Permanent Residents and Singaporeans holding senior roles in the finance sector.

Mr Tharman Shanmugaratnam (for the Prime Minister): As at end-2021, about 71% of the financial sector workforce were Singapore Citizens, 14% were Permanent Residents and 15% were work pass holders. For senior roles 1 , based on MAS' survey results for 2020, about 46% were Singapore Citizens, 21% Permanent Residents and 33% work pass holders. These proportions have remained stable over the years, with a gradual increase in the proportion of Singapore Citizens holding senior roles in the finance sector.

In absolute terms, more than 3,000 Singapore Citizens now hold senior positions in the financial sector, an increase of more than 80%, compared to 2016.

Note(s) to Question No(s) 4:

1 Senior financial professionals with more than 15 years of related work experience and undertake executive decisions in the company.