Banking union urges StanChart to invest in training workers as ‘AI should complement employees’

BFSU’s Ms Cho said the union was monitoring the situation in Singapore closely, as she noted StanChart’s “close working relationships” with BFSU over the years.

“We recognise that AI will inevitably change the nature of work in (the) banking and financial sector. Some roles will evolve, while others may be restructured,” she said.

“The pace and management of such transition matter to our workers. Employers have a responsibility to invest in reskilling and redeployment as first resort, rather than letting workers go.

“Where roles are eventually displaced by AI, workers must be given every fair opportunity to transition, with adequate notice, support and pathways forward. BFSU will stand by its members every step of the way.”

Ms Cho said that in view of recent trends in global restructuring, BFSU has proactively worked with NTUC’s Employment and Employability Institute (e2i) and the Institute of Banking and Finance Singapore to support StanChart employees.

This includes providing access to career coaches, job fairs and NTUC’s Union Training Assistance Programme to offset training costs for skills upgrading.

“BFSU will provide further assistance and resources to affected members and employees where needed, including connecting them to the labour movement’s network such as NTUC’s e2i,” she added.

She also pointed to the SkillsFuture Jobseeker Support Scheme for affected workers.

The scheme provides up to S$6,000 (US$4,700) in unemployment payouts over six months for workers who have lost their jobs involuntarily.

Eligible workers must have been earning under S$5,000 in gross monthly income and be Singaporeans or permanent residents, among other criteria.