Job market worsens for retrenched workers, but Singapore’s overall labour market remains robust in Q2
Fewer residents found re-employment within six months of being axed; MOM expects overall wages and employment to continue growing
Published Tue, Sep 17, 2024 · 10:30 AM — Updated Tue, Sep 17, 2024 · 08:53 PM
Singapore manpower
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- The rate of re-entry for retrenched workers falls to 55 per cent in Q2, down from 59.4 per cent in the previous quarter. PHOTO: BT FILE
SINGAPORE’S job vacancies edged down in the second quarter of 2024, while fewer residents found re-employment within six months of retrenchment, based on the Ministry of Manpower’s (MOM)
Labour Market Report on Tuesday (Sep 17).
But overall labour market performance was strong, with total employment growth more than doubling from the previous quarter and unemployment rates improving.
In a media briefing, Manpower Minister Tan See Leng said: “Our labour market continues to remain tight, meaning that, in general, it is easier for people to find and to keep jobs.”
“However, in the longer term, resident employment growth will moderate,” he cautioned.
This is as Singapore’s labour force participation rate is already very high and resident workforce growth will slow.
As previously shown by
advance figures in July, the 11,300 rise in total employment in Q2 was driven entirely by non-resident employment, which rose by 12,000.
The number of work permit holders in construction and manufacturing rebounded strongly after declining in Q1.
In contrast, resident employment marginally declined by 600 in Q2, due to seasonal declines in retail trade as well as administrative and support services.