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SINGAPORE — The Ministry of Manpower’s latest labour market report for the first quarter of 2018 was filled with figures that give cause for optimism, but among them was one that put a grey cloud over it: There were more job vacancies in the market than jobseekers.
Analysts, economists and recruitment experts cautioned that while having more jobs than unemployed persons is generally positive, the figure points to stresses in the labour market that need to be addressed.
If employers are unable to fill these positions, they said, expansion of their businesses — and hence the economy — may be stymied.
Wage inflation may also rise as a result, which could limit the extent to which companies can hire new workers.
More pertinently, they said, the numbers bear out the recent warnings of Singapore’s leaders, who have said that the Government will have to review its foreign manpower policy in the coming years.
The issue was first raised in January by Mr Ravi Menon, head of the Monetary Authority of Singapore (MAS), who said in a speech that the country must "reframe our question on foreign workers", given the limited scope in raising birth rates and labour force participation rate.
More at
As labour crunch looms, rethink on foreign workers needed
Analysts, economists and recruitment experts cautioned that while having more jobs than unemployed persons is generally positive, the figure points to stresses in the labour market that need to be addressed.
If employers are unable to fill these positions, they said, expansion of their businesses — and hence the economy — may be stymied.
Wage inflation may also rise as a result, which could limit the extent to which companies can hire new workers.
More pertinently, they said, the numbers bear out the recent warnings of Singapore’s leaders, who have said that the Government will have to review its foreign manpower policy in the coming years.
The issue was first raised in January by Mr Ravi Menon, head of the Monetary Authority of Singapore (MAS), who said in a speech that the country must "reframe our question on foreign workers", given the limited scope in raising birth rates and labour force participation rate.
More at
As labour crunch looms, rethink on foreign workers needed
