SINGAPORE: The labour market carried on to improve in the 2nd quarter of 2022, with total work reaching 99. five per cent of the level in December 2019, prior to the COVID-19 pandemic, said the Ministry of Manpower’s (MOM) Labour Market Review on Wednesday (Sep 14).
Resident employment grew to 4. 2 per cent above the particular pre-pandemic level within June. While non-resident employment remained ten per cent below the particular pre-pandemic level, it increased significantly from your first quarter of the year following the relaxation of border restrictions.
However , the external demand perspective has weakened, provided the economic slow down. Global headwinds, such as the war in Ukraine, inflationary pressures, geopolitical stress in the region, and the trajectory of the COVID-19 pandemic, mean that the labour market outlook will be uneven across sectors, said MOM.
“The labour market continued to make substantial improvements in 2Q 2022 as Singapore recovers from the effects of the COVID-19 outbreak, ” said MOM.
“However, there is certainly heightened economic doubt ahead. To ensure that businesses grow sustainably plus remain resilient, MOTHER encourages businesses in order to press on along with transformation, increase work productivity and diversify their non-resident workforce. ”
Travel and leisure and aviation areas are expected to continue in order to benefit from a strong recuperation in air passengers and international website visitor arrivals.
Need in consumer-facing sectors, such as food and beverages services, should also remain robust with the reducing of domestic and border restrictions, said MOM.
But growth in outward-oriented sectors like financing and insurance providers is expected to slower due to the global headwinds.
UNEMPLOYMENT RATES
While non-resident employment is anticipated to rise further since it catches up to pre-pandemic levels, resident employment growth is likely to be a lot more “subdued”, said MOTHER.
The ministry added that the percentage of job opportunities to unemployed individuals remains high plus edged up through 2 . 42 in March to second . 53 in 06. This is despite the number of job vacancies sinking slightly to 126, 100 in June, after seven quarters of increases.
The growth in total employment within the second quarter, by 108, 500 workers, was in large component due to foreign employees returning to Singapore, particularly in structure and manufacturing.
MOTHER said that non-resident employment rose across most of pass types, using the bulk coming from work permit and other work passes, of which there was 80, 900 a lot more. There were 7, four hundred more S Complete holders and seven, 100 more work pass holders.
Resident employment also grew within the first half of the year, by 13, one hundred, with the largest increases recorded in financial plus insurance services, details and communications, plus professional services.
Unemployment rates within July held regular at pre-pandemic degrees of 2 . 1 percent overall. Resident unemployment rate was in 2 . 9 per cent, and the citizen unemployment rate was 3 per cent.
The resident long-term unemployment rate declined for your third consecutive one fourth, returning to the pre-pandemic average of 0. 7 per cent in June.
REPORT LOW RETRENCHMENTS
Retrenchments fell to a record low, through 1, 320 in the first quarter to 990 in the second quarter. The occurrence of retrenchment furthermore improved, from six. 0 per 1, 000 employees to 0. 5.
Among retrenched occupants, the percentage who seem to found work within six months after retrenchment fell from last quarter’s high – from 72 % to 66 per cent – but remained higher than the same time period a year ago.
The amount of employees placed on brief work-week or temporary layoff declined through 670 in the first quarter of the calendar year to 590 within the second quarter. The majority of these employees were placed on short work-week arrangements, with twenty laid off temporarily.