You see the C1-salary-benchmarks.pdf has the column "Sector" and not Occupation. I think they are going to treat IT jobs in banks as "Banking and Financial Services" sector and not "Info-Communication Technology" sector.jstdk wrote: ↑Wed, 07 Jun 2023 12:09 amEven the salary thresholds for the IT industry are very steep. I worked at Citibank's IT company for many years and we had about 7000 Indian developers that earn below the required levels for 20 Compass points. Since they also do not have top-100 level education, this will be an exodus.Wd40 wrote: ↑Tue, 06 Jun 2023 10:48 pmWow! Just look at Banking and Financial services age 45 $17700 for 65th percentile!jalanjalan wrote: ↑Tue, 06 Jun 2023 12:58 pmthe salary benchmarks have been updated: https://www.mom.gov.sg/-/media/mom/docu ... hmarks.pdf
I think banks should just hive off their IT departments into a seperate pte ltd company and register it as information technology provider.
On the positive side, I entered Singapore just after the financial crisis in 2008/2009 when they laid off too many people, companies/gov lowered the thresholds to get in. I was hired by Citi based on a 20 minutes phone call while they normally had 4+ rounds of interviews. I am sure that Compass can become an opportunity (over time) for well-educated professionals from certain jurisdictions when they realize that they went too far and the big firms are packing for Hong Kong.
IT threshold is 11,900 vs 17,700 for banking. IT and Operations guys dont get paid as much as front office people. MAS and MOM want to reserve the financial services jobs which are sought after by Singaporeans, for Singaporeans, that is a good intention. However, IT is not an area sought after by Singaporeans and there is a massive talent shortage. Foreigners are filling this gap and while you are right that there may be cases where not the best talent is hired, the compass framework already addresses that.
Benchmarking should be done by occupation and not sector. Lumping IT and Operations jobs in banks along with front office jobs, would be grave mistake. I hope better sense prevails eventually.