Foreign Workers Return As Singapore Opens Borders
Thanks to the foreign labour increase in 2022’s second quarter, employment in Singapore is on the rise. Foreign workers are able to return once more as the Government relaxes its border restrictions.
There was a strong rebound in non-resident (and resident) employment between April and June this year. Retrenchments in Singapore are on the low end, and unemployment rates are still at pre-COVID levels. This is positive news indeed.
Manufacturing and Construction Increases Foreign Worker Hiring
Foreign worker employment in Singapore rose primarily in the construction and manufacturing sectors. Thanks to border controls relaxing its strict regulations, employers are once again able to fill positions to meet the growing demand.
Local Singapore residents are experiencing a positive period on the employment front too. Many locals have managed to secure employment in sectors like professional services, communications, information and financial services.
Low Levels of Retrenchment Rates
As of June 2022, unemployment rates in Singapore were at 2.1% overall. Retrenchment numbers were also on the low side at 1,000 in the second quarter of 2022.
When layoffs and retrenchment did happen, it was primarily attributed to business restructuring and reorganisation. Singapore’s Ministry of Manpower is confident non-resident employment rates will continue to grow at a robust pace. Resident employment rates are expected to remain subdued since there are lower numbers of resident unemployment, to begin with.
You can follow 3E Accounting for more latest HR news in Singapore.