SINGAPORE: Singapore’s resident employment increased by 4,000 in the third quarter (Q3) of 2024, following a seasonal decline in Q2.
The rise was primarily driven by strong hiring in outward-oriented industries such as information and communications, professional services, and financial services.
Non-resident employment also increased, with 18,200 more work permit holders employed, primarily in the construction and manufacturing sectors, according to the Ministry of Manpower’s (MOM) quarterly Labour Market Report released on Monday, Dec 9.
As a result, total employment saw an increase of 22,300 in Q3, nearly double the 11,300 gain in the previous quarter, The Business Times reported.
MOM noted that labour demand remained robust, with more hiring activity as the year-end festivities approached.
However, job vacancies fell to 63,400 in September from 81,200 in June, with lower-skilled positions in sectors like construction, transportation, and manufacturing being filled.
Despite this decline, the number of job vacancies still exceeded that of job seekers, with 1.39 vacancies available for every jobseeker in September. Other key labour market indicators were positive.
Retrenchments also dropped to 3,050 in Q3, compared to 3,270 in Q2. The re-entry rate for retrenched residents improved to 60.4 per cent, up from 55 per cent in the previous quarter.
Unemployment rates also saw a slight improvement, with the overall rate at 1.9 per cent and the resident rate at 2.6 per cent in September.
MOM expects a tight labour market driven by economic growth and positive business sentiment. Wage and employment growth are likely to continue, backed by strong external demand and the recovery of the global electronics sector.
The ministry also expects better labour market results in 2024 compared to 2023. /TISG
Read also: Some workers turn to Grab deliveries or giving tuition to fill long periods of unemployment
Featured image by Depositphotos (for illustration purposes only)
