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Singapore’s total employment grew by 88,400 in 2023, largely driven by employment growth among foreigners.

LaoHongBiscuit

Stupidman
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Employment in Singapore grows by 88,400 in 2023​

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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
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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.”
 

mojito

Alfrescian
Loyal
CCP new spoon feet u the numbers in case u too lazy to look up mom. :x3:

Singapore creates 88,400 new jobs in 2023​

SINGAPORE, March 14 (Xinhua) -- Singapore's total employment grew 88,400 in 2023, including 83,500 for non-residents and 4,900 for residents, according to a labor market report released by the Ministry of Manpower Thursday.

The majority of the new employment for non-Singapore residents was in the construction and manufacturing sectors, and the resident employment growth was seen in higher-paying sectors such as financial services.

The number of employed persons in Singapore exceeded 3.7 million as of December 2023, except for migrant domestic workers, according to the report.

The total retrenchment numbers in 2023 increased to 14,590 from 6,440 in 2022. The long-term unemployment rate held steady at 0.7 percent.
 

Super1

Alfrescian
Loyal
Nice, more rodents in the market. Instead of minding own business, these rodents are trained to mind other people businesses, making them richer.
 
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