It’s an employee’s market: Singapore labour market report card
Released on the 15th September 2014, the Ministry of Manpower’s statement on the labour market shows us how the employment landscape is doing for the first half of 2014. Here are 8 pieces of information you’ll find useful.
1. Unemployment remained low
Amidst tight labour market, the unemployment rate remained low and stable. Citizen unemployment was 2.9% and resident long-term unemployment was at 0.6% in June 2014.
2. Strong local employment growth
More Singaporeans are being hired at 42k by June 2014. This is a 4.2% year-on-year growth.
3. Foreign employment growth slowing down
Total employment growth of foreigners moderated to 52, 200. Growth for the same period in 2013 was 61,100.
4. Income growth for Singaporeans expected to continue
2013 saw a 4.6% increase in real media gross monthly income.
5. Productivity remains challenging
Labour productivity fell by 0.3% for the first half of 2014. The construction as well as the manpower-intensive industries are the focus of productivity measures.
6. The services industry is where most employment growth is at
With the impending opening of hotels and more shopping malls, the demand will be felt by more labour intensive industries such as food services, retail and accommodation.
7. The Singapore labour market will remain tight
Singapore’s economy will grow by 2.5 – 3.5% in 2014. Wholesale trade, finance and insurance will support this growth in the second half of 2014.
8. More Singaporeans to be hired this year
Foreign worker constraints, higher wages and employer’s adoption of flexible working arrangements will lead to the continuing strong hiring of Singaporean workers this year.