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Despite more workers being laid off last year, the unemployment rate has remained low in the first quarter of 2015.
According to a report released by the Ministry of Manpower, the overall unemployment rate in Singapore fell from 1.9% in December 2014 to 1.8% in March this year.
Additionally, the unemployment rate for Singapore citizens took a dip from 2.7% to 2.5%.
The report attributed this dip to the decline in layoffs in the first quarter of this year.
Roughly 3,500 workers were laid off in Q1 2015, slightly lower than the 3,910 laid off in Q4 2014.
While employment in March 2015 grew by 2.9%, bringing the total number of employed people to 3,624,200, it has slowed from the previous quarter.
The report concluded the labour market is set to remain tight, with the number of vacancies outnumbering job-seekers.
“This may be reflective of the anticipated slowing of the local labour supply going forward,” the report stated.