Banking sector faced mass exodus of skilled workers over the past two years - Kumar

The Finance Sector Managerial Staff Association has not been spared by the mass exodus of skilled workers over the past two years, and many professionals have sought opportunities abroad, leading to high employee turnover within Fiji’s finance sector.

This was highlighted by the Association’s President, Anil Kumar, during their Annual General Meeting held at the Fiji Trades Union Congress office in Suva.

Kumar says while this has resulted in improved perks and benefits for some bankers, it has also created gaps in customer-facing roles within the banking industry.

He says Fiji’s banking sector has remained stable, with sufficient reserves to sustain the country in times of economic shocks.

The Association’s President adds that the recovery of the Fijian economy following the COVID-19 pandemic has been remarkable, driven by significant growth in the tourism sector and an increase in remittance inflows.

Kumar says on the global front, the ongoing trade war between the United States and its key trading partners—Canada, Mexico, China, and Europe—may pose economic challenges for our region.

He says if China is significantly affected, it is likely that Australia and New Zealand, our closest trading partners, will also feel the impact.

He further says however, there is also a possibility that these larger economies might extend favourable trade opportunities to smaller nations like Fiji to help bridge the economic gaps caused by these disruptions. Kumar says their ongoing negotiations with major employers, as well as their active participation in key labour issues such as employment relations amendments and workplace health and safety, are testaments to their dedication.

He adds their involvement with the Fiji Trades Union Congress (FTUC) strengthens their collective voice.