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Pay and hiring in Macao’s financial sector remain fairly static

There are roughly 8,500 people working in full-time financial sector jobs in Macao, according to the latest figures from the Statistics and Census Service.

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There are roughly 8,500 people working in full-time financial sector jobs in Macao, according to the latest figures from the Statistics and Census Service.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 21 Dec 2023, 11:05 pm

The number of full-time employees in Macao’s financial sector was up by 2.3 percent year-on-year for the third quarter. On the whole, these employees were not earning any more than they were a year ago.

Average earnings across the sector sat tight at about 30,480 patacas per month, third quarter data from the Statistics and Census Service (DSEC) reveals. The figure was 29,230 patacas for residents, and 38,720 for non-residents. Last year, earnings averaged 30,500 patacas for locals and expats combined. In 2021, it was 29,730 patacas.

Of the more than 8,500 full-time financial sector employees recorded at the end of September in Macao, DSEC said 85 percent of them worked in banking. Just under 10 percent were involved in insurance.

[See more: Macao’s financial system is being overhauled]

During the third quarter, the turnover rate for banking staff was 4 percent. There were about 490 job vacancies listed for the sector in September, an increase of 170 on the same period last year.

The vast majority of job postings had Mandarin language skills as a perquisite, and most also required English. 

Last month, the government unveiled eligibility criteria for recruitment schemes targeting foreign financial sector professionals – part of its bid to boost the sector and reduce the SAR’s reliance on gaming. Target areas of the sector include bond markets, wealth management, sustainable finance, commercial banking, insurance, financial technology, and academic research.

 

UPDATED: 21 Dec 2023, 11:05 pm

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