Information from the Statistics and Census Service (DSEC) indicated that there were 8,566 full-time employees in Financial Activities at the end of the third quarter of 2023. Among them, 7,281 were in the Banking Sector, 801 in Insurance Activities and 274 in Other Financial Intermediation, up by 1.8%, 4.8% and 10.5% respectively year-on-year.
In September, average earnings (excluding irregular remuneration) in Financial Activities were MOP30,480, down slightly by 0.1% year-on-year. Average earnings in the Banking Sector dropped by 1.4% year-on-year to MOP30,650, while those in Insurance Activities grew by 6.0% to MOP33,000. Meanwhile, average earnings in Other Financial Intermediation went up by 13.5% year-on-year to MOP29,190, owing to a rise in the number of relatively high-paid employees.
As regards job vacancies, number of vacancies in Financial Activities increased by 172 year-on-year to 488 at the end of the third quarter, with numbers of those in the Banking Sector (379) and Insurance Activities (67) rising by 100 and 48 respectively. In terms of recruitment prerequisites, all the vacancies in the Banking Sector and Other Financial Intermediation, as well as 71.6% of the vacancies in Insurance Activities, required tertiary education. Regarding language skills, 99.7% and 94.2% of the vacancies in the Banking Sector required knowledge of Mandarin and English respectively, while the corresponding proportions for Insurance Activities were 79.1% and 64.2%. Besides, all the vacancies in Other Financial Intermediation required knowledge of Mandarin and English.
With respect to the Banking Sector, there were 416 new recruits and 299 employees leaving employment in the third quarter. The employee recruitment rate (5.8%), the employee turnover rate (4.1%) and the job vacancy rate (4.9%) grew by 1.8, 1.3 and 1.1 percentage points respectively year-on-year; this indicated that there were many vacant posts to be filled in the sector in the quarter.
The Survey on Manpower Needs and Wages of Financial Activities for the third quarter of 2023 mainly covered the Banking Sector, Insurance Activities and Other Financial Intermediation (e.g. payment service institutions, financial leasing companies), which included financial institutions supervised by the Monetary Authority of Macao but excluded insurance agents and brokers not directly employed by insurance companies.