Singapore's labor market showed signs of stabilization in 2024, with a slowdown in employment growth but fewer layoffs compared to 2023. The Ministry of Manpower (MOM) reported a decrease in retrenchments and an increase in resident employment, highlighting a more optimistic outlook despite global economic uncertainties.
Layoffs saw an uptick in the last quarter of 2024, reaching 3,600 compared to 3,050 in the previous quarter, according to preliminary labor market data released by the Ministry of Manpower ( MOM ) on January 27th. However, the year concluded with fewer layoffs than in 2023, at 12,930 compared to 14,590. Corporate restructuring emerged as the primary reason cited by companies for job cuts.
Notably, the number of residents - Singaporeans and permanent residents - in employment increased throughout 2024, reversing the decline observed in 2023.The Ministry of Manpower projected a considerable slowdown in the growth of foreign employment in 2024 compared to the previous year. Consequently, total employment growth is anticipated to moderate to 45,500 in 2024, down from 78,800 in 2023, excluding foreign domestic workers. MOM will provide further details on the employment growth breakdown in a report scheduled for mid-March.In the fourth quarter of 2024, while total employment continued to expand, resident employment growth decelerated to 8,700, down from 22,300 in the preceding quarter but higher than the 3,900 growth in the fourth quarter of 2023. Singapore residents secured more jobs in higher-skilled sectors like professional services, financial services, and health and social services. Retail trade also experienced an increase in employment during Q4 due to year-end seasonal hiring. The Ministry of Manpower (MOM) noted that the increase in foreign employment remains concentrated in the construction sector, driven primarily by hiring for lower-skilled jobs held by work pass holders. However, it observed a decline in foreign employment in information and communications and insurance services. Meanwhile, the seasonally adjusted unemployment rate for Singaporeans rose slightly from 2.7 percent in September 2024 to 2.9 percent in October 2024. It then stabilized at that level in November and December, remaining within the typical range for non-recession periods. The overall unemployment rate remained unchanged at 1.9 percent from September to December. The resident unemployment rate was 2.6 percent in September and 2.8 percent from October to December. Looking ahead, the Ministry anticipates slower employment growth in 2025 due to global uncertainties and market volatility. However, they point to signs of optimism in the near term. Forward-looking polls in December revealed that the proportion of companies expecting to hire more workers in the next three months increased from 43 percent in September to 46 percent in December. Additionally, 32 percent of companies plan to raise wages, double the 16 percent who expressed such intentions in September. The ministry stresses the importance for employers to recognize the increasing manpower constraints as the resident workforce ages and shrinks in the long term. It also emphasizes the need to remain open to foreign investments and global talent to generate more opportunities for local businesses and quality jobs for Singaporeans. With an already high resident labor force participation rate by international standards and low resident unemployment, there is limited headroom for resident employment to keep expanding. Employers need to maximize the potential of their employees by investing in human capital development
EMPLOYMENT SINGAPORE LABOR MARKET MOM LOYOFFS RESIDENT EMPLOYMENT FOREIGN EMPLOYMENT ECONOMIC FORECAST
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singapore Prime Office Market Sees Rental Growth Slowdown in Q4 2024The rental growth in Singapore's Prime Grade office market within Raffles Place and Marina Bay slowed down in the final quarter of 2024. Rents averaged S$11.36 per square foot per month, reflecting a significant dip compared to earlier periods in the year. Businesses are choosing to renew leases in existing offices, indicating a cautious outlook amid global uncertainty. Occupancy levels remained resilient, though with a slight dip attributed to the completion of new office towers. Landlords prioritize occupancy with tenants hesitant to commit to large expansions due to inflationary pressures. Some businesses are relocating to newer, higher-quality buildings, often aligning with hybrid work models or right-sizing needs.
Read more »
Singapore residents’ inflation expectations remained at 3.8% in December 2024 Singapore News%
Read more »
Singapore tops fintech funding in Southeast Asia for 2024 with $995 million Singapore News%
Read more »
HDB Resale Prices Rise at Slower Pace in Q4 2024HDB resale prices continued to climb in the final quarter of 2024, but the pace of growth slowed to 2.5 percent compared to the previous quarter's 2.7 percent. Despite the moderation, prices rose 9.6 percent for the full year. Transaction volumes, however, dipped slightly.
Read more »
Inflation eases in 2024, but lowest income group sees biggest rise in costsHigher prices for food, hospital and outpatient services and bus and train fares drove up costs for the bottom 20 per cent of households in 2024.
Read more »
Singapore HDB Resale Flat Prices Surge 9.7% in 2024, Analysts Predict Continued Growth in 2025HDB resale flat prices climbed 9.7% in 2024, with analysts anticipating continued price increases in 2025. While price growth moderated in the last quarter of 2024, fewer new flats meeting their Minimum Occupation Period (MOP) is expected to contribute to rising prices. The number of resale flats sold decreased in the fourth quarter of 2024, but overall transactions for the year were 8.4% higher than 2023. HDB plans to launch 19,600 Build-To-Order (BTO) flats in 2025, including 3,800 units with waiting times under three years.
Read more »