2 weeks Ago By The Straits Times
Total employment growth in the July to September period jumped to 24,100 from 11,300 in the second quarter. SINGAPORE - The number of Singapore residents with jobs picked up in the third quarter of 2024, as employment growth more than doubled and retrenchments fell. Singapore’s total employment growth in the July to September period jumped to 24,100 from 11,300 in the second quarter, according to preliminary labour market data released on Oct 29.
The Ministry of Manpower (MOM) said the pickup in growth came from both residents – Singaporeans and PRs – as well as non-residents. Meanwhile, the number of retrenchments in the third quarter fell 11.3 per cent to 2,900 from 3,270 in the second quarter.
MOM noted these retrenchment figures decreased or remained stable across sectors. Corporate restructuring remained the top reason for retrenchments. The ministry also found that the unemployment rates across the board remained low in September.
The unemployment rate of Singaporeans and residents remained unchanged at 2.7 per cent and 2.6 per cent respectively for July, August and September.
The overall rate fell from 1.9 per cent – for both July and August – to 1.8 per cent in September.
The figures fall within the range reflected in the non-recessionary years of 2015 to 2019, MOM said. “While there was a decline in hiring and wage expectations among companies for the fourth quarter of 2024 – reflecting ongoing uncertainty in export-oriented sectors – we expect employment to continue to expand in the next quarter, and the labour market to remain tight,” it said. “This outlook is supported by an upward revision to the GDP (gross domestic product) growth forecast and anticipated year-end hiring for the festive period.
” The preliminary data reflected that the increase in growth sectors for resident workers was driven by a steady supply of quality jobs and favourable employment prospects for resident workers. Growth sectors include those in the information and communications, professional services, and health and social services. “While slight resident employment declines were observed in food and beverage services and retail trade, we anticipate resident employment in these sectors to pick up in the final quarter of the year as businesses typically increase hiring in preparation for the festive season,” MOM said.
It said that non-resident employment growth came from work permit holders working in non-PMET (professional, managerial, executive and technical) roles such as those in construction, manufacturing, and administrative and support services. “There are generally not enough resident workers for such roles, and businesses need to bring in work permit holders to meet the manpower shortage,” said the ministry, adding that employment among higher-skilled pass types was stable over the same period. Join ST's Telegram channel and get the latest breaking news delivered to you.
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