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Photo Credit: Jonathan Tan / NTUC This Week
Front Row (from left to right):
Mr Max Lim, P/SBEU; Mr Michael Zink, Citibank; Mr Wee Ee Cheong, Chairman, ABS; Ms Jacqueline Loh, Deputy Managing Director, MAS; SNTUC ASG Patrick Tay; Mr Lim Cheng Teck, Standard Chartered; Ms Nora Kang, P/DBSSU

1. On 17 February 2016, the Monetary Authority of Singapore (MAS) and the Singapore National Trades Union Congress (SNTUC) announced the formation of the Financial Sector Tripartite Committee (FSTC). Reflecting the spirit of tripartism, the FSTC will bring together the industry associations, labour movement, and government to foster a financial workforce that can meet the changing needs of the financial industry.

2. The FSTC is co-chaired by Mr Patrick Tay, Assistant Secretary-General, SNTUC and Ms Jacqueline Loh, Deputy Managing Director, MAS. Bro Max Lim from the Singapore Bank Employees’ Union (SBEU) and Sis Nora Kang from the DBS Staff Union are the union representatives in the FSTC.

3. In the first phase, the FSTC is partnering with The Association of Banks in Singapore as well as SNTUC’s Financial and Business Services Cluster of unions to enhance the sector’s workforce versatility, facilitate worker’s mobility and build their resilience as the financial sector evolves.

4. The FSTC’s Terms of Reference are:
• Develop Sectoral Manpower Plans (SMPs) to address the sector’s challenges in manpower, jobs, skills and career development
• Implement the SMPs to meet the objectives of SkillsFuture
• Foster support for SkillsFuture and the SMPs from employers and unions/workers
• Provide ground feedback on the impact of economic restructuring in a regular and timely fashion