Singapore: Total Employment Significantly Shrinks for the First Time in 14 Years
The foreign workforce decreased by 32,000 as a result of less Work Permit Holders in marine and construction.
In 2017, Singapore’s annual average unemployment rate increased to 2.2% from 2.1% back in 2016 according to the Ministry of Manpower (MoM).
Foreign Domestic Workers (FDW), total employment, fell by 10,700 (0.3%) which is a first since 2003. This was the result of a contraction in foreign employment, although local employment continued to grow.
On the other hand, local employment growth nearly doubled by 21,300 or 0.9%. The rise in local employment occurred in the majority of the services sectors such as financial & insurance services, community, social & personal services, transportation & storage and administrative & support services.
The level of retrenchments stay unaffected from Q3 at 3,300 but it still continued to be lower than last year’s result of 5,440. In addition, retrenchments declined over the quarter in construction and services however it increased in manufacturing.