MONETARY AUTHORITY OF SINGAPORE (Mass resignation of senior executives)

Mr Hwang Soo Jin: To ask the First Deputy Prime Minister and Minister of Education what is the reason for the spate of resignations from the Monetary Authority of Singapore and whether the mass exodus of senior executives is likely to affect staff morale and work efficiency.

Mr Sia Khoon Seong (Moulmein): Question No. 1, Sir.

The First Deputy Prime Minister and Minister of Education (Dr Goh Keng Swee): Mr Deputy Speaker, Sir, resignations from the Monetary Authority of Singapore increased sharply in January 1981 as a result of the findings of the Finance Ministry's Management Services Department's study team that the establishment was too large. The study was completed on 22nd December 1980 and sent to the departmental heads of the MAS. It will be rather strange if resignations did not take place.

The number of staff who left between January and May was 131, averaging 26 per month as against 4% per month previously. Some of them left on their own accord, others were encouraged to do so, and the rest had their services terminated. As at 30th May this year, there was a holding of 96 senior officers against an establishment of 98, 60 officers against an establishment of 63, and 193 subordinate officers against an establishment of 205. Staff morale is as good as can be expected. It is still too early to assess work efficiency.

Mr Sia Khoon Seong: Mr Deputy Speaker, Sir, I would like to ask the First Deputy Prime Minister whether he has read the front page report of the Business Times of 23rd May stating that the staffing position of MAS today was under-staffed and that MAS was quietly going round asking those who were retrenched and had resigned to come back. My question is: Is that report a fairly accurate report? In other words, is it true that MAS is today under-staffed? If it is so, what measures will be taken by MAS to improve the situation?

Dr Goh Keng Swee: Mr Deputy Speaker, Sir, the hon. Member had not paid attention to the figures I gave him. I repeat the staffing position: 96 senior officers as against an establishment of 98; 60 officers as against an establishment of 63; 193 subordinate officers as against an establishment of 205.

I have read the article concerned. I think the hon. Member should address this question to the newspaper, not to me. May I suggest that hon. Members must not believe everything they read in the newspapers.

Mr Sia Khoon Seong: Mr Deputy Speaker, Sir, is it not better for me to clarify this point with the First Deputy Prime Minister himself? It is because I have got certain doubts on whether or not the report was accurate that I am addressing the question to him. Is it not better to address the question to the First Deputy Prime Minister

Mr Deputy Speaker: Mr Sia, I must remind you that this is Question time.

Mr Sia Khoon Seong resumed his seat.

Mr Deputy Speaker: Next question.