Business OF INFORMATION AND COMMUNICATIONS
Retrenchments in 2023 were principally in outer- oriented services sectors such as retail trade, information and communications, specialist services, financial services, and electronics manufacturing, reflecting their exposure to global economic headwinds.
The technology manufacturing industry saw the highest incidence of downsizing last year, at 27.5 per 1, 000 people, followed by the information and communications market at a rate of 24.9 per 1, 000 workers.
Reorganization or reform caused the majority of cutbacks in the information and communications market because businesses “rationalized their labor after the rise in hiring in past years.”
As jobs remained high in the market, these companies could also be restructuring their operations to focus on fresh and longer-term development areas, according to MOM in its record.
Employees who had left the information and communications market had one of the highest re-entry costs, at 70.3 %.
Overall Work
Complete work grew by 88, 400 in 2023, with the increase mostly driven by non- residents, especially in the construction and manufacturing sectors, MOM said. The main areas of growth for resident employment were in professional services and financial services.
Total employment increased for the ninth consecutive quarter by about 7,500 in the fourth quarter of 2023, with the majority of the non-residents making up the majority of the workforce.
This increase has “moderated significantly” from the 23, 600 in the third quarter of 2023.
The moderation was not unexpected because, according to MOM, weak hiring expectations and declining job vacancies from the prior quarters indicated a cooling labor demand.
In December 2023, unemployment rates were stable and low, with the resident rate at 2.8 %, the citizen rate at 2.9 %, and the overall rate at 2.2 %.
” Amid global economic uncertainties, MOM will work hand- in- hand with Singaporeans to sustain economic competitiveness and help workers take on better jobs”, said the ministry.