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Singapore’s employment growth to remain high

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According to the latest Labour Market report by the Ministry of Manpower (MOM), the second quarter of this year saw employment growth in Singapore remain high as it created 33,700 more jobs.

The report, which was released last week, found the growth brought total employment to 3,420,200 in June 2013, 4% higher than in 2012.

In line with this year’s new regulations around the tightening of foreign talent inflow, MOM also reported a dip in foreign employment growth (excluding foreign domestic workers), from 34,100 in 2012, to 27,000 in the second quarter of 2013.

“We will continue to press on with restructuring for quality economic growth that will generate good job opportunities for Singaporeans,” Acting Minister for Manpower Tan Chuan-Jin said in a statement.

The services sector continued to generate a bulk of the employment gains (22,700), higher than it was in the same period last year (17,300). The study also revealed the unemployment rate remained low despite increasing slightly by 2.1% in June 2013, up from 1.9% in March, and 1.8% in December 2012.

Additionally, while the report found the number of workers made redundant in the second quarter rose to 3,080, up from 2,120 in the previous quarter, it has remained below the recessionary highs between 5,980 and 12,760.

Despite the number of job openings easing by 5.1% in June after rising 17% in the previous quarter this year, “there were still more job openings than job seekers available,” the report said.

MOM expects a strong demand for labour for the rest of the year, as the Ministry of Trade and Industry increased Singapore’s GDP growth forecast for 2013 to range between 2.5% and 3.5%.

“Given the momentum in employment growth and time needed for productivity improvements to moderate manpower demand, employment growth for the year is likely to be high, similar to that observed last year,” the MOM statement said.

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