March average pay in financial industry nears MOP30,000

According to a recent government survey, the average monthly earnings in March in the financial industry amounted to MOP29,890, excluding bonuses.

The survey gathered data from the industry, which covered the banking sector, other financial intermediation, insurance, and activities auxiliary to financial intermediation. Freelance intermediaries were not included in this survey.

At the end of the first quarter, there were 8,292 full-time employees in the industry.

As for sector-specific figures, the survey found that there were 7,055 employees in the banking sector, a year-on-year 1% rise. Workers in the sector earned MOP30,480 monthly on average, a year-on-year 2.9% rise. Two hundred forty-six people work in the other financial intermediation sector, with a 9.2% year-on-year fall in salary to MOP25,230 on average.

The insurance sector recorded a one-tenth growth in the number of full-time workers. The sector had 740 such workers, who earned MOP30,780 on average, which equates to a 1.9% year-on-year increase.

Around 250 people worked in the activities auxiliary to financial intermediation sector, a drop of 14.9% year-on-year. With significantly reduced tourist arrivals compared to the pre-Covid period, currency exchange outlets in Macau saw a labor force one-fifth smaller than the same period last year. However, remaining workers earned 0.8% more salary on average.

The industry reported to the government that it was in search of candidates with knowledge of Putonghua and English, in addition to higher education degrees. Working experience is crucial for about half of the vacancies in the banking sector. AL