Singapore Employment Market Showing Healthy Indicators Again (MOM)
Earlier this month, the legislative body for labour forces in Singapore, the Ministry of Manpower (MOM) released positive statistical data regarding the Singapore employment markets growth last year and the reported increasing employment of local employees specifically.
Additional statistics were also released and looked to be positively changing for the city-state. The average unemployment rates for 2018 were lower than 2017, with significantly fewer cutbacks and redundancies due to the economy’s slow and steady growth.
Total employment in Singapore increased by 15,400 during the last quarter of 2018 which was lower than the quarter 3 increase of 17,100. The increase was due to employment growth in services, principally from seasonal hiring and temping roles. Employment in manufacturing and factory roles decreased gradually throughout the year; while employment within the construction sector remained relatively stable, the MOM report revealed.
Overall in 2018, total employment in Singapore grew by 39,972, with the growth among locals at 28,404 - more than double that of foreigner workers. Local growth was primarily found in the following sectors:
- Community support officers.
- Social workers.
- Finance & accounting.
- Insurance & life assurance services.
Last year in 2018, 11,021 people were made redundant while the figure was significantly higher at 14,790 for the 2017 fiscal year.
The employment outlook for Singapore isn’t as bleak as previously thought (click here to read Singapore’s rapidly aging workforce). According to officials, the employment sector will maintain steady growth before our generation start to experience the underlying consequences of having an aging population demographic and low birth rates, not only in Singapore but also.
The report concluded: as economic growth is slowly strengthening; businesses in Singapore need to remain responsive by continually improving and employees learning with regards to natural economic restructuring and the developing employment landscape in Singapore.
Statistical data sited: Singapore Ministry of Manpower.
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