In 2024, more residents were employed in higher-skilled industries like financing, whereas native employment in lower-skilled ones like food and beverages decreased.
According to the most recent data released by the Manpower Ministry ( MOM) on Wednesday ( Mar 19 ), resident employment increased by 8,800 last year, reversing the decline of 4,600 in 2023.
There were 5,300 more people employed in higher-skilled areas in financial and insurance companies, 5,200 more in health and social function, 5,000 more in specialized service, and 4,200 more in information and communications.
Residents ‘ jobs decreased by 2,100 in lower-skilled areas in the food and beverage services and by 700 in administrative and support services.
Permanent residents account for the majority of the citizen workforce, with people making up about 85 % of that percentage.
The employment business for the third quarter of the year was steady at 1. Every poor guy has 64 job openings in December 2024.
There were 77,500 jobs in December 2024, more than 61,500 in September 2024.
About 70 % of these openings were careers that were commonly filled by residents. According to MOM, these positions are in specialized services, information and communication, financial and insurance companies, and health and social services.
Financial analysts and advisors, developers of technology, web, and multimedia applications, systems analysts, account managers, managers of business development, management and business consultants, and other positions are available.
Non-resident jobs growth slowed to 35,700 last month, compared to 83,500 in 2023. Job permit buyers primarily fueled the growth by filling blue-collar positions that people were less likely to accept, according to MOM.
As businesses adjust to COMPASS and the higher qualifying income requirements, the government continued,” The number of Employment Pass and S Pass holders was generally stable following significant increases in the past two times.”
Full job growth was 44,500 next year, along from 78,800 in 2023. Quotiently, the development of the labor market slowed from Q3 to Q4, reaching 7,700 in Q4.
Cutbacks FALL, Cutbacks FLOW, AND UNEMPLOYMENT IS LOW.
In December 2024, unemployment levels were unchanged at 1 %. general, 9 percent, and 2. people, 8 %, and 2, respectively. 9 percent for the population.
There were 13,020 cutbacks last month, fewer than the 14,590 in 2023.
But, cutbacks rose from 3,050 in Q3 to 3,680 in Q4. As a higher percentage of businesses retrenched due to high prices, the raise was primarily in financial and insurance companies.
To date, 660 people have been placed on short-workweek or temporary cuts. MOM claimed that this was also lower, at pre-pandemic levels under 1,000.
Within six months of the downsizing, the level of re-entry into work decreased significantly, from 60 to 60. 4 per share in Q3 to 58. 1 % in Q4
Due to ongoing international trade disputes and possible problems to the world disinflation process, MOM noted that the market is projected to grow at a slower rate of 1 to 3 per share in 2025.
In light of this scenery, MOM anticipates that the labor market will grow in 2025, at least in the first quarter of that year, according to a press release from the government.
According to MOM’s studies, the proportion of businesses anticipating increases in pay and staffing in the upcoming three month increased in December 2024 compared to September 2024.
” But, if trade tensions grow and the Singapore economy is slowed down, labor market performance may ease notwithstanding labour market tension. “