...and restaurant too, don't forget
http://www.businesstimes.com.sg/sub/news/story/0,4574,395522,00.html?
Published July 19, 2010
Foreign workers needed for top posts in finance, IT
Return of expat professionals becoming apparent: director of HR firm
By TEH SHI NING
(SINGAPORE) A sizeable proportion of foreign workers entering Singapore this year could be highly skilled, some economists say. Recruiters' observations of the rising number of expatriate professionals now being hired point the same way.
The strong economic rebound, coupled with a tightening labour market, could mean Singapore will need more than 100,000 extra foreign workers this year, Prime Minister Lee Hsien Loong said last week.
While the bulk of these foreigners are likely to take on lower- wage jobs in manufacturing with ramped-up production as well as the retail, F&B (food and beverage) and construction sectors, a good number will also be needed for top posts in sectors such as finance and IT.
Economists point to available data on jobs this year which shows surprisingly weak job creation in the hospitality-related sectors and the contrasting strength in sectors like financial services.
Citi economist Kit Wei Zheng noted that the official first-quarter labour market report showed 100 net job losses in hospitality, reflecting either tighter enforcement of existing foreign worker quotas or front-loaded hiring for the integrated resorts in 2009's last quarter. In contrast, the financial sector added 5,500 jobs in Q1.
'Financial sector job creation could be sustained partly by relocation of some activities away to Singapore, as financial regulatory reform dampens profitability of such activities in the developed market,' said Mr Kit.
Rising wages, another sign of labour market tightening, were also seen in the financial services sector, said OCBC economist Selena Ling. In Q1, overall real earnings rose 2.8 per cent. For the services sector the rise was 2.4 per cent but average real earnings in the financial sub-sector rose 4 per cent.
http://www.businesstimes.com.sg/sub/news/story/0,4574,395522,00.html?
Published July 19, 2010
Foreign workers needed for top posts in finance, IT
Return of expat professionals becoming apparent: director of HR firm
By TEH SHI NING
(SINGAPORE) A sizeable proportion of foreign workers entering Singapore this year could be highly skilled, some economists say. Recruiters' observations of the rising number of expatriate professionals now being hired point the same way.
The strong economic rebound, coupled with a tightening labour market, could mean Singapore will need more than 100,000 extra foreign workers this year, Prime Minister Lee Hsien Loong said last week.
While the bulk of these foreigners are likely to take on lower- wage jobs in manufacturing with ramped-up production as well as the retail, F&B (food and beverage) and construction sectors, a good number will also be needed for top posts in sectors such as finance and IT.
Economists point to available data on jobs this year which shows surprisingly weak job creation in the hospitality-related sectors and the contrasting strength in sectors like financial services.
Citi economist Kit Wei Zheng noted that the official first-quarter labour market report showed 100 net job losses in hospitality, reflecting either tighter enforcement of existing foreign worker quotas or front-loaded hiring for the integrated resorts in 2009's last quarter. In contrast, the financial sector added 5,500 jobs in Q1.
'Financial sector job creation could be sustained partly by relocation of some activities away to Singapore, as financial regulatory reform dampens profitability of such activities in the developed market,' said Mr Kit.
Rising wages, another sign of labour market tightening, were also seen in the financial services sector, said OCBC economist Selena Ling. In Q1, overall real earnings rose 2.8 per cent. For the services sector the rise was 2.4 per cent but average real earnings in the financial sub-sector rose 4 per cent.
