The banking sector in Macau is currently lacking 231 professionals, with that number expected to increase to a figure between 749 and 1,488 in the period to 2023, according to a study commissioned by the Talents Development Committee.
According to the study, the banking positions with the highest demand of talent are mainly in cashier’s offices, credit business, customer service for non-monetary transactions, and in system program development and accounting.
There was also a high demand for positions in private and electronic banking.
The same study revealed the insurance sector in the Macau will require 67 to 95 professionals in the next three to six years, mainly for positions such as administrative employees, business and agent representatives, human resources or training supervisors, market and customer service affairs managers, underwriters and policy or compensation service managers.
The insurance sector was described as being composed mainly of small companies, with insurance companies having less than 30 employees representing a 75 per cent share.
The study conducted by Macau University of Science and Technology sent 52 surveys to all bank and insurance companies in the city – described as the ‘pillars of the Macau financial sector’ – receiving 38 responses.
According to the survey, the Macau financial sector has ‘excellent development perspectives’, with recommendations for a better exploration of the opportunities granted by the ‘One Belt, One Road’ policy and the city’s potential to connect mainland China with Portuguese-speaking countries.
Smaller average wages
The average monthly employment earnings between April and June for employed Macau residents went down by MOP1,000 (US$124) to MOP18,000 from the previous quarter, an employment survey by the Statistics and Census Service (DSEC) revealed.
According to the study the drop in resident workers average monthly earnings was due to the receding of seasonal effects of double pay and bonuses.
However the average monthly earnings for workers in the MSAR remained stable between April and June at MOP15,000.
The gaming and junket activities sector continued to represent the majority of the labour force in the MSAR, employing 80,800 people – 21.1 per cent of the total employed work force – in the period between April and June of this year.
Nevertheless, this sector still lost a total of 1,100 workers when compared to the 81,900 employees registered in the first three months of this year.
The average monthly earnings in the gaming sector went down by MOP1,000 quarterly to MOP19,000 between April and June.
The hotels, restaurants and similar activities sector held the second position in term of workers, employing 55,300 people or 14.5 per cent of the total workforce; followed by the wholesale and retail trade sector with 46,900 workers.
While the hotels, restaurants and similar activities sector went down by almost 8,200 workers quarter-to-quarter, the wholesale and retail trade sector saw a quarterly increase of around 400 workers.
In the period between April and June, the MSAR had a total labour force of 390,200, with almost 98 per cent being composed of people in total employment and 72 per cent being local residents.
The number of unemployed population went up by 3.5 per cent quarter-to-quarter to reach 7,900 people in the second quarter of this year, but the general unemployment rate stayed unchanged at 2 per cent.
Around 10.8 per cent of the unemployed population was composed of fresh labour force entrants searching for their first job, the DSEC revealed.