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4Q 2017 Labour Market Statistics of the Financial Services Sector

Release Date: 20 Feb 2018

In 4Q 2017, total employment in the financial services sector, covering banking institutions, development financial institutions and insurance companies/Takaful operators increased by 0.3% to 164,885 persons (4Q 2016: 164,463).

Job creationexpanded by 8.7% for the full year 2017 (7,200; 2016: 6,624), despite a slight moderation in 4Q 2017 (1,170 jobs; 4Q 2016: 1,655 jobs), reflecting continued demand for high-skilled positions (96% of total jobs created).

Job vacancies increased by 7.3% to5,609 positions in 4Q 2017 (4Q 2016: 5,227 positions), due largely to the increase in job creation during the year, coupled with marginally higher job separations (4Q 2017: 6,417; 4Q 2016: 6,284).

The outlook of labour market conditions of the financial services sector remains positive with expected higher job creation in the first three to six months in 2018.  Meanwhile, about 70% of the FIs do not expect any layoffs and discharge.

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