Gender Pay Gap for Finance-related Roles and Steps to Close the Gap
Ministry of ManpowerSpeakers
Summary
This question concerns the gender pay gap in finance-related roles and measures to address it, as raised by Mr Patrick Tay Teck Guan. Minister for Manpower Dr Tan See Leng noted that the gap in the financial sector narrowed from 27.1% in 2012 to 15.6% in 2022, largely due to differences in occupations, experience, and education. To further bridge this gap, the Government promotes flexible work arrangements, enhanced parental leave, and the upcoming Workplace Fairness Legislation to protect against discrimination based on sex and caregiving responsibilities. Industry-led mentorship programs, such as those by the Financial Women’s Association of Singapore, also support women's career progression. The Ministry continues to work with Tripartite Partners to strengthen the support ecosystem for women to enter, remain, and progress in the workforce.
Transcript
29 Mr Patrick Tay Teck Guan asked the Minister for Manpower based on the Ministry’s annual Occupational Wage Survey (a) what is the gender pay gap for finance-related roles annually from 2012 to 2021; and (b) what is being done to address the current gender pay gap in the finance sector.
Dr Tan See Leng: In the financial and insurance services sector, the gender pay gap has narrowed from 27.1% in 2012 to 15.6% in 2022. Part of this gap is because more men are in higher-paying occupations, such as managing directors, chief executive officers and fund or portfolio managers in this sector. This gender pay gap also does not account for other factors, such as differences in hours worked, experience and education. If we account for these factors, the gender pay gap would be lower.
One of the ways to further reduce the gender pay gap is to help employees better balance work and family responsibilities so that they are able to maximise their potential at work. This is particularly important for women as they tend to bear heavier caregiving responsibilities at home. The Tripartite Partners will continue to encourage family-friendly workplace practices such as flexible work arrangements. Parental leave schemes have also been enhanced to promote greater sharing of caregiving duties across genders. The upcoming Workplace Fairness Legislation will also strengthen protections against common forms of discrimination, including discrimination on the basis of sex, pregnancy status and caregiving responsibilities.
To help more women realise their career ambitions, business organisations have also taken the lead to organise networking and mentorship programmes, such as the Advancing Women in Finance Mentoring Programme for mid-career women run by the Financial Women’s Association of Singapore.
We will continue to work with the Tripartite Partners and relevant agencies to strengthen the support ecosystem to enable more women to enter, remain and progress in the workforce, including in the finance sector.