Expect more jobs in financial services sector, says Bank Negara

Reuters pic

KUALA LUMPUR: More new jobs can be expected in the financial sector within the first three to six months of this year, Bank Negara Malaysia (BNM) said.

Also, 70% of financial institutions will not lay off staff, according to BNM’s latest quarterly report on labour market statistics in the financial services sector.

The Malaysian Reserve (TMR) reported that BNM was maintaining a positive outlook on labour market conditions for 2018.

It said 7,200 jobs were created in the sector last year, compared with 6,624 in 2016, an 8.7% year-on-year growth. In the fourth quarter of 2017 (4Q17), total employment in the financial services sector increased by 0.3% to 164,885 persons from 164,463 persons a year ago.

TMR quoted BNM as saying the higher job creation reflected continued demand for high-skilled positions from banks, development financial institutions, and insurance and takaful operators.

The report said the number of “job separations” in 4Q17 stood at 6,417, a 2% rise from 6,284 recorded in 4Q16. Of this number, BNM said layoffs and discharges amounted to fewer than 800 people.

One reason for people losing jobs was the push towards automation and digitisation within the financial services sector.