Cutbacks Over, UNEMPLOYMENT RATES UP IN MARCH
Cutbacks in the first quarter of this year decreased to 3, 000 from the 3, 460 that were reported in the final third of 2023.
According to MOM, company restructuring or reorganization remained the main cause of retrenchments throughout the third.
Poverty rates remained within the pre-pandemic varies, but they increased significantly in March.
As of March, total employment stood at 2.1 per cent, native poverty at 3 per cent, and voter poverty at 3.1 per share.
The increase was not surprising, according to MOM, who previously noted that unemployment rates may rise as a result of higher layoff in 3Q and 4Q 2023.
” But, we do not believe sustained rises in unemployment rates, given continued labour market tension”.
OUTLOOK
With Ministry of Trade and Industry improve estimates showing that Singapore’s market is expected to improve in 2024, workers demand may develop similarly, MOM said, adding that labour demand tends to lag financial growth.
According to the government,” MOM’s forward-looking polls also suggested a rise in hiring demand, with 50.7 percent of businesses saying they intend to use in the next three months.” This is an boost from the 47.7 per cent reported recently.
” However, salary improvements was slow, as the percentage of businesses with an intention to increase income declined from 32.6 per share to 26.1 per cent”, MOM added.
It will take a while for native labor growth to slow down and low resident unemployment rates, according to MOM.
” Rather, MOM, together with financial agencies, will help our businesses press on with transformation to become more labor- lean and effective, generating better jobs for Singaporeans in the workforce and resources for national development”, it said.
” To achieve this, it is crucial that Singapore continues to attract highly qualified foreign workers who complement our resident workforce and help our businesses and economy to compete and prosper.”
In addition, the ministry advised employers and employees to make full use of the available programs to remain competitive and resilient despite economic uncertainty.
” Workers should continue to upskill and be open to new opportunities. Employers should continue their efforts to transform the business and train their employees for new or redesigned job roles, according to MOM.
The first quarter of 2024’s labor market report, which is scheduled to be released in the middle of June, will provide a thorough analysis and more information about the labor market situation during the quarter, MOM added.