Employment in Singapore grows by 88,400 in 2023
A total of 61.5 per cent of retrenched workers re-entered the workforce within six months of being laid off in the fourth quarter of 2023. PHOTO: ST FILE
Cheow Sue-Ann
Business Correspondent
UPDATED
MAR 14, 2024, 11:56 AM
SINGAPORE -
SINGAPORE - Singapore’s total employment grew by 88,400 in 2023, largely driven by employment growth among foreigners.
The increases came mainly in construction, manufacturing, financial services and professional services.
The Ministry of Manpower (MOM) noted in a labour market report for the fourth quarter of 2023 released on March 14 that the growth came as the employment rate for residents - Singaporeans and permanent residents - remains high while the resident unemployment rate remains low, at 2.8 per cent.
It also confirmed a January preliminary report that retrenchments in 2023 more than doubled to 14,590 from the previous year.
Meanwhile, the number of job vacancies registered a slight increase in December 2023 to 79,800 after six consecutive quarters of decline.
The ministry also said that there was a decline in the rate at which workers were able to secure employment within six months of their retrenchment.
A total of 61.5 per cent of retrenched workers re-entered the workforce within six months of being laid off in the fourth quarter of 2023, compared to the previous quarter’s 65.3 per cent.
The ratio of job vacancies to unemployed persons also rose to 1.74 in December 2023. There have been more job vacancies per unemployed persons since March 2021’s 0.96, indicating a moderately tight labour market.
MOM said: “With the rise in job vacancies and low unemployment, the labour market remained moderately tight and the ratio of job vacancies to unemployed persons rose to 1.74 in December 2023.”
“Looking ahead, we expect labour demand to strengthen, in line with the forecast of improved economic growth prospects for 2024.”
