Information from the Statistics and Census Service (DSEC) indicated that there were 8,554 full-time employees in Financial Activities at the end of the third quarter of 2024, down by 12 (-0.1%) year-on-year. Among them, those in the Banking Sector and Other Financial Intermediation (e.g. payment service institutions, financial leasing companies) decreased by 23 (-0.3%) and 9 (-3.3%) year-on-year to 7,258 and 265 respectively, whereas those in Insurance Activities increased by 10 (+1.2%) to 811.
In September 2024, average earnings (excluding irregular remuneration) of full-time employees in Financial Activities were MOP31,820, up by 4.4% year-on-year. Average earnings of those in the Banking Sector (MOP32,100), Insurance Activities (MOP33,830) and Other Financial Intermediation (MOP29,560) grew by 4.7%, 2.5% and 1.3% respectively year-on-year.
Number of vacancies in Financial Activities fell by 280 year-on-year to 208 at the end of the third quarter, with those in the Banking Sector (152) and Insurance Activities (38) dropping by 227 and 29 respectively. In terms of recruitment prerequisites, most of the vacancies in Financial Activities required tertiary education and knowledge of Mandarin and English. Besides, 49.3% (75) of the vacancies in the Banking Sector and 60.5% (23) of the vacancies in Insurance Activities required professional certification.
With respect to the Banking Sector, there were 304 new recruits and 271 employees leaving employment in the third quarter, representing respective decreases of 112 and 28 year-on-year. The employee recruitment rate (4.2%), the employee turnover rate (3.7%) and the job vacancy rate (2.1%) went down by 1.6, 0.4 and 2.8 percentage points respectively year-on-year, implying a slowdown in the demand for manpower in the sector in the third quarter.
The Survey on Manpower Needs and Wages of Financial Activities for the third quarter of 2024 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.