, Singapore
409 views
Photo by Netograph Capture via Pexels. Apart from cropping the photo, no other edits were made.

Labour force upskilling needed as SG nears 'super-aged' status

The future growth must be productivity-led, said DPM Gan Kim Yong.

Authorities are championing the need for upskilling and talent development as its local workforce dwindles.

Singapore is set to hit ‘super-aged’ status in 2026 on the back of its falling birth rates. With this, the growth of the local labour force will slow down significantly, said Deputy Prime Minister Gan Kim Yong.

“This means that future growth must be productivity-led, particularly in the skills-intensive financial sector,” DPM Gan said, speaking at the Institute of Banking & Finance (IBF) 50th anniversary evening gala held on 13 September 2024.

Gan said that achieving this will be no small feat, adding that many advanced economies have only managed to achieve an average labour productivity growth of less than 1% per annum over the past decade. 

“Continual upskilling of our workforce is therefore vital to  achieve sustained productivity growth,” Gan said.

Amongst latest industry efforts include the launch of a refreshed suite of Future Enabled Skills. Launched by the ITF, it now includes horizontal skills in the areas of sustainable finance and generative AI aimed for financial sector professionals.

IBF and SkillsFuture Singapore are also working to build sustainable finance capabilities with real economy companies, Gan said.

Earlier in 2019, the MAS and IBF launched the Jobs Transformation Map (JTM), which reportedly helped authorities and stakeholders take action to reskill and redeploy employees impacted by automation.

The industry also launched the polytechnic talent finance scheme to encourage FIs to hire and train polytechnic graduates.

Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Singapore needs layered strategy against fraud
Scam and cybercrime cases in the city-state rose 18% to 28,751 in the first half.
OCBC to triple quantum workforce to boost security
The Singapore bank expects significant tech advancements in the next five to 10 years.
China’s payment system gets boost from renminbi rise
African SMEs get the same level of service as large companies under a more open China.