Labour Market Report Advance Release 1Q 2019 – An Overview on Employment Rates and Retrenchments
Regardless of the indication of the economy facing a little turbulence in 2019, initial readings indicate that the market is still standing strong. Employment rates were going up whilst retrenchments remain unchanged. However, employment rates amongst residents went up as opposed to citizens that remain unchanged.
Total Employment Continued to Grow in 1Q 2019 – Labour Market Report
The total employment growth (excluding Foreign Domestic Workers) in 1Q 2019 was at 12,000 as compared to the 4Q of 2018 whereby it was 14,700, however higher than 1Q 2018 at 400. Several factors came into play for the growth in 1Q 2019, mainly on the services sector, primarily community, social and personal, administrative, transportation and storage services. Employment in construction observed a slight increase after eleven consecutive quarters of decline while manufacturing still undergoes the decline.
Employment Rates Amongst Residents Went Up as Opposed to Citizens That Remain Unchanged
Post quarter climb, the total (2.0%) and resident (3.0%) unemployment rates remain unchanged in March 2019 whilst citizen unemployment rate raised slightly from 3.1% in December 2019 up to 3.2% in March 2019.
Same Amount of Retrenchments to the Fourth Quarter of 2018
Retrenchments in 1Q 2019 at 2500 is at almost similar to the 4Q of 2018 at 2510, whilst being more than 1Q of 2018 at 2320. The service sector observed a decline in retrenchments while an increase in manufacturing. Construction saw no change.
As mentioned above of how the labour still stands profound regardless of the raise in unemployment rates. Despite indications of economic turbulence, the MOM and Workforce Singapore (WSG) works tightly with our tripartite partners to aide Singapore to secure more employment opportunities through the Adapt & Grow Initiative. Hence we encourage workers to register for aide under the SkillsFuture Initiative to upgrade their skill set to improve one’s chances of employability.
The MOM and WSG aim to work together with jobseekers to study new ways of career assistance by logging into MyCareersFuture.SG or through WSG’s Careers Connect or NTUC’s Employment and Employability Institute (NTUC’s e2i). Through these programs, there are a number of career matching services under the Adapt and Grow initiative.
Through the Adapt and Grow Initiative, the MOM and WSG helps businesses to hire Singaporeans, and to convert and upgrade the job standards through the Lean Enterprise Development Scheme and Capability Transfer Programme.