An Overview of Singapore’s Labour Market 2018
What the Second Quarter of 2018 Looks Like in Singapore’s Labour Market
Singapore has always been a strong performing nation, and 2018 is no different. The second quarter of 2018’s preliminary report of the labour market should positive growth in employment, despite the fact that unemployment rates in Singapore are slowly inching their way up. The increase in employment is due to more individuals coming into the country’s labour force in search for work and continued expansion in economic activities.
The second quarter of 2018 also saw retrenchments rates at a much lower level compared to a year ago, although the numbers were higher than the previous quarter. The growth in employment numbers were excluding foreign domestic workers, and the increase recorded was an impressive 7,100. Among the sectors which continued to positively add employees include the Social & Personal Services sector, the Transportation & Storage sector, the Information & Communications sector, and the Professional Financial and Insurance sector.
Singapore’s unemployment rates as of June 2018 continued to remain much lower than they did in June 2017 the previous year. The increase in unemployment rates recorded in the second quarter of 2018 were attributed to increase in overall levels to 2.1% as of June 2018. Residents increase was recorded at 3.0% and citizens were at 3.1% following a general downward trend experienced in June 2017.
Retrenchments in Singapore were recorded at 2,500 for the second quarter of 2018, higher than the previous quarter which recorded 2,320 unemployment rate numbers. This follows a reflection of the on-going reorganizing and restructuring, and despite this, the number of retrenchments recorded in the second quarter of this year remain largely unchanged in the Construction Services sector. Manufacturing Services however, did see an increase.
Unemployment rates in Singapore remained at its lowest in March 2017, and March this year saw an increase in these numbers. Overall however, the labour market in Singapore continues to remain positive, with an expansion in its net growth total of employment combined with the lower retrenchment numbers recorded in 2017.
The Ministry of Manpower Singapore (MOM) continues its determination to remain focused on assisting jobseekers secure their desired employment outcomes via the Adapt and Grow Initiative. This initiative is MOM’s efforts at helping businesses in Singapore grow and transform through the Lean Enterprise Development Scheme and the Capability Transfer Program so they will be better able to meet the demands of the business world. Moving forward, employees and businesses in Singapore must continue to remain agile and responsive towards the emerging technological trends, economic restructuring and the ever-changing landscape of the work force.