- services 6 / 18 04 / 12 / 2020 " gearing up for new and evolving jobs in financial services " - remarks by mr ravi menon, managing director, monetary authorit … the newly created jobs are distributed across [UNK] job functions. the largest hiring demand is in technology, as you can see from the chart, with 880 jobs. the top new job roles in technology include application developers, application architects, and business analysts. this is followed by private banking and wealth management at 12 %, in roles such as relationship management, process excellence, and digital transformation. the remaining 40 % of new jobs are spread across other business segments, including insurance, corporate banking, consumer banking, investment banking, and asset management, as well as in corporate roles such as finance and human resources. https : / / www. mas. gov. sg / news / speeches / 2020 / gearing - up - for - new - and - evolving - jobs - in - financial - services 7 / 18 04 / 12 / 2020 " gearing up for new and evolving jobs in financial services " - remarks by mr ravi menon, managing director, monetary authorit … let ’ s take a closer look at the 880 technology jobs on [UNK] in the financial sector. there are three broad types of job roles that financial institutions are hiring for their technology departments. first, advanced tech roles, such as enterprise architects and infrastructure architects. these are specialist roles that require highly technical skills. take for example, enterprise architects. they help shape and implement mission critical technology projects, provide technical oversight for technology planning across the business, and set the technical standards to be followed. it requires years of training and experience to attain mastery of these skills. the local supply of talent for such jobs is quite limited and financial institutions will need to rely on expertise from abroad while building a pipeline of locals for these advanced tech roles. second, intermediate tech jobs, such as application developers, data analysts, ux / ui designers, and cyber security specialists. these are roles which singaporeans with relevant background can potentially be trained into. mas started a technology in finance immersion programme ( tfip ) last year through which financial institutions recruited mid - career singaporeans with stem backgrounds from other sectors and put them through structured training and attachments in tech areas such as data analytics, cyber security, cloud computing, and full stack development. https : / / www. mas. gov. sg / news / speeches / 2020 / gearing - up - for - new -

in the more volatile components, namely energy prices and, to a lesser extent, food prices. measures of underlying inflation – which we monitor for their information content concerning inflation dynamics – have remained subdued. inflation excluding energy and food was 1 % in january, and has ranged between 0. 9 % and 1. 2 % since april 2017. let me now focus on the factors behind these moderate inflation developments from a longerterm perspective. the recent period of low inflation may appear surprising from a cyclical perspective given that we have seen positive economic growth over the past four years, supporting a steady and gradual absorption of economic slack. this has raised the question of 1 / 4 bis central bankers'speeches which factors, cyclical or structural, may have played a role in the growth - inflation relationship. a comprehensive analysis by the eurosystem has concluded that adverse cyclical factors have played a crucial role in explaining low underlying inflation. these notably consisted of dampened economic activity and high unemployment in the aftermath of the sovereign debt crisis, and subsequently subdued foreign demand and low oil prices. 2 yet, these factors are of a temporary nature and should not affect inflation over a medium - term horizon, even though they might impact on the speed of adjustment in inflation. moreover, given the uncertainty surrounding the measurement of economic slack, the true amount may be larger than estimated, which could slow down the emergence of price pressures. this is particularly visible in the labour market, where wage growth has remained subdued despite strong employment gains. nonetheless, these factors should wane as the economic expansion continues and unemployment further declines. in fact, wage growth in the euro area has already picked up recently and the labour market is expected to improve further. on the structural side, globalisation may have reduced the responsiveness of inflation to domestic cyclical conditions but empirical evidence for the euro area is not clear - cut. 3 other potential factors include demographic trends or changes in behaviour triggered by technological developments, which may contain price pressures, for instance through increased price transparency. however, even if these factors are somewhat more persistent, they should still not exert a permanent impact on inflation. overall, the analysis indicates that the relationship between growth and inflation remains largely intact, even if it has temporarily weakened in recent years to the extent that the speed of adjustment in inflation towards our aim has been affected. looking ahead, we anticipate that headline inflation will resume its gradual upward adjustment, supported by our monetary policy measures. at the same time, uncertainties continue