The Singapore Insurance Employees’ Union (SIEU) has signed agreements with 23 unionised insurance companies to facilitate training for workers. The agreements were signed on 1 October 2019.
SIEU and the companies will prepare the workers to meet current and future needs of the industry. All 23 companies are also members of the Singapore National Employers Federation.
The collaborations will start by either setting up company training committees or embarking on other forms of collaboration to support the transformation and workforce training plans of the respective companies.
The signings come after a newly launched Skills Framework for the Financial Services Industry and a report released earlier this year by the Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF).
The framework charts the different skills finance professionals and financial institutions need today to stay ahead, while the MAS-IBF report studied the impact of a wider integration of data analytics and automation on the local financial sector workforce.
SIEU will collaborate with the 23 companies by leveraging ground advantage to help workers understand how their jobs will evolve with digitalisation and technological advancements in the next three to five years.
The union will also tap on the expertise of NTUC’s e2i (Employment and Employability Institute) and NTUC LearningHub to provide workers with training opportunities.
SIEU General Secretary Luke Hee said: “Industry and workplace transformation is happening fast and furious, and workers are often at the receiving end of this. It is not easy for workers to adapt, even when they are willing to take the first step. This collective commitment is, therefore, a strong statement from our enlightened employers that they are sincere in transforming and not transfusing our workforce, with SIEU as a partner on this journey.
“Each company has its own unique plans and directions, but SIEU remains committed to work with all companies and do our part to help workers in this industry evolve along with the changes, as we have been doing so over the last 64 years.”
The signing event was held in conjunction with the Labour Movement’s Financial Services Week.
The Financial Services Week is a series of events held in collaboration with tripartite partners to help financial sector professionals stay abreast of industry changes via bite-sized workshops, expert panel discussions and networking sessions.
The week will run from 1 October 2019 – 4 October 2019. More information is available on e2i’s website.
