EMPLOYMENT GROWTH SLOWED
Singapore’s full career continued to grow in 2024 although the progress slowed.
Total employment growth in 2024 is expected to be 45,500, lower than the 78,800 increase in 2023, when the number of work force buyers rose considerably.
After experiencing a decrease in the previous month, native work increased in 2024.
In 2024, more people were employed in higher-skilled areas including specialist services, financial solutions as well as in health and social services.
“On the other hand, non-resident career development moderated in 2024 compared to 2023, with getting in building driving up job of work permit buyers, ” said MOM.
Total employment growth fell in the fourth quarter to 8,700 from 22,300 in the third quarter. However, this was still higher compared with the last quarter in 2023, when it was 3,900.
Demand for residents in growth sectors remained strong, with employment increases in key sectors such as professional services, financial services, and health and social services.
” There was also an uptick in retail trade due to year-end seasonal hiring, following declines in earlier quarters,” it added.
Similar to previous quarters, non-resident employment increased primarily as a result of employers ‘ inability to find enough permanent employees to fill positions.
Non-resident employment declined in outward-oriented sectors such as information and communications, and insurance services.
OUTLOOK
With the improving economic environment, Singapore’s labour market is expected to maintain its growth trajectory going forward, said MOM.
According to the ministry’s polls, the percentage of businesses anticipating hiring more workers increased from 43 % in September to 46 % in December.
About 32 % of companies polled in December said they planned to raise wages, up from 16 % in September.
” Nevertheless, given the sustained uncertainty in the global economy, employers and workers need to press on with transformation and upskilling to adapt to changes and seize new opportunities,” said MOM.
It was pointed out that as the resident workforce ages and shrinks over time, employers must acknowledge the need for increasing manpower.
There is only limited headroom for resident employment to continue growing, according to the ministry with an already high resident labor force participation rate by international standards and low resident unemployment.
Employers must invest in human capital development to maximize the potential of their employees.
We will need to remain open to foreign investments and global talent, which will in turn lead to more opportunities for local businesses and high-quality jobs for Singaporeans, in order to maintain Singapore’s economic competitiveness and complement our resident workforce. “