Hiring activity in financial industry slows down to 9% in July

Heavy restructuring pressures the local job market.

Singapore has the highest online hiring activity in the Banking and Financial Industry (BFSI) sector in Southeast Asia at 9% YoY in July.

According to the latest Monster Employment Index (MEI) report, this is lower than last month's rate by 2%.

Demand for Finance and Accounts roles plunged in July as Singapore reported a 10% decline in hiring activity.

"This sector remains the most in-demand amongst employers and job-seekers, which means finding and retaining the best talent will always be critical. This is especially true in a dynamic market like Singapore, which is heavily restructuring to rely less on foreign labour, bringing the local jobs market under a lot of pressure," said Sanjay Modi, Managing Director at Monster.com – APAC and Middle East.

MEI for Singapore also fell 5% YoY, with BFSI recording the sharpest growth amongst sectors.