It’s an employee’s market: Singapore labour market report card

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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.

 

 

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About the author

Tay Leong Tan

Tay Leong Tan is a collective of 3 writers. Tay, Leong and Tan. (Who were you expecting?!) We are enthusiastic about labour issues, economics and current affairs in particular.

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