SINGAPORE: Singapore’s employment market showed further signs of improvement in the third quarter, with the number of retrenchments declining and the pace of hiring picking up, the Ministry of Manpower (MOM) said on Friday (Oct 26).
Based on preliminary data, 2,500 workers were retrenched during the period. This is a decline from the 3,030 workers retrenched in the previous quarter and 3,400 in the same period a year ago, the ministry said in its quarterly labour market report.
AdvertisementAbout 60 per cent of retrenchments came from the services sector, 32 per cent from manufacturing and the remaining 8 per cent from construction.
Total employment growth (excluding foreign domestic workers) surged to 15,200 jobs, more than double the previous quarter’s growth of 6,500.
The manufacturing sector saw an increase in employment – its first after 15 straight quarters of decline. Employment in construction continued to fall, although the pace of decline slowed in the third quarter.
The seasonally adjusted unemployment rates among Singaporeans and residents remained unchanged, at 3 per cent and 2.9 per cent, respectively. Overall, the unemployment rate rose slightly from 2 per cent to 2.1 per cent.
AdvertisementAdvertisement“Given the growth in employment, the slightly elevated unemployment rates reflected the continued inflow of job seekers into the labour market,” MOM said.
The ministry also noted that despite the improving outlook, employers may face challenges filling vacancies as the labour market begins to tighten.
“Given the ongoing economic restructuring and the changing demand for jobs and skills, it is important that workers and businesses stay agile and responsive to market demands,” it said.
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