The rate of unemployment of Singaporeans had fallen to 3.2% said the Ministry of Manpower released its labour market report today. Overall, unemployment rate remained unchanged at 2.2% and for residents at 3.1%
Total employment had shrunk by 4100 jobs in the third quarter, however this drop was lower than in the first two quarters this year and affected mostly foreign workers in the marine and construction sector.
Retrenchments had been declining. The numbers fell to 3640 in the second quarter, from 3400 in the third. the total number of retrenchments in 2017 was 11040, this is lower than the 13730 in the same period last year.
2017 is the year that overall local employment is likely to grow. This is the case even as contraction occurs due to a decline in the marine and construction sectors.
The MOM says that the employment rates are in line with the Ministry of Trade and Industry’s 2018 GDP forecast of between 1.5% to 3.5%.
However short-term contracts and on-demand work is increasingly changing the nature of the job market. Digital transformation and increasing use of technology is impacting skillsets. Companies will be looking to their HR departments to see through these changes.
In light of these developments, job seekers should be open to try new work models and take advantage of various job matching schemes that are available.