EDITORIAL: The Straits Times says- No place for workplace xenophobia

The Monetary Authority of Singapore (MAS) has responded to concerns over the workforce composition in banks in a way that touches on wider perceptions about the presence of foreign workers, particularly professionals, managers, executives and technicians, in the Singapore economy. Referring to financial institutions, MAS estimates that citizens make up 70 per cent of the sector’s workforce, with permanent residents (PRs) accounting for another 14 per cent. Singaporeans take up 43 per cent of senior management jobs across the sector, reflecting the Republic’s role as an international financial hub. However, MAS will intensify its engagement with the senior management of financial institutions on their workforce profiles and plans to increase the Singaporean core.

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The perennial issue of foreign talent is in the spotlight again amid the coronavirus pandemic and the economic downturn. Recently, Temasek called out Facebook posts targeting its Indian employees, following posts that highlighted the LinkedIn accounts of such employees and questioning why the investment firm was hiring foreigners instead of locals. DBS Bank and Standard Chartered Bank, too, have come under similar criticism on social media. Quite rightly, Temasek took issue with a “divisive, racist campaign” based on “false claims”. It clarified that 90 per cent of its 600-strong staff at its headquarters here are Singaporeans or PRs, a ratio similar to that of its senior leadership. Globally, the nationality mix of its employees is about 60 per cent Singaporean and 40 per cent other nationals, of whom around 10 per cent are Singapore PRs. The top five groups of foreigners hired are from China, the United States, India, Britain and Malaysia. That gives the lie to disinformation of an Indian slant in its workforce composition.