The Ministry of Manpower also noted the rise in retrenchments and the decline in job vacancies in its labour market report for the first quarter of 2023.
“Looking ahead, employment growth is likely to moderate given the weaker external demand outlook and downside risks in the global economy,” said MOM."Even though the economic outlook has weakened, residents have yet to encounter more difficulties with job search," it added.
“Among retrenched residents, majority of those retrenched in 3Q 2022 were able to find new jobs by 1Q 2023. The rate of re-entry has fared well compared to the pre-pandemic level of 65.9 per cent .” While the ratio of job vacancies to unemployed persons remained high at 2.28, it declined from December 2022 .MOM advised employers and workers to press on with business and workforce transformation, and make full use of government programmes to adapt to the changing environment.
This would help both employers and workers to "remain competitive and resilient amidst a backdrop of a global economic slowdown and a more uncertain business environment", said the ministry.
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