Hello Sisters and Brothers … We’ve some bread and butter news for you.
There was a slight improvement in Singapore’s labour market as shown in the Manpower Ministry’s (MOM) latest report on the first quarter of 2018.
Unemployment rates have continued to fall since March 2017. Retrenchments were slightly lower when we compare it to the first and last three months of 2017.
The resident unemployment rate, which includes both permanent residents and Singaporeans, decreased from 3 to 2.8 per cent. But if we only look at the percentage of unemployed Singaporeans, it remains unchanged at 3 per cent.
The report also stated that total employment rate contracted by 2,100 in the first three months of 2018.
But don’t be alarmed. The decline was largely due to the decrease in foreign work permit holders in construction and marine shipyard, and the number was smaller than the same period a year ago.
On the bright side, employment numbers have increased in the service industry, within sectors like financial services and insurance, infocomm, and transportation and storage.
If you can recall last year, over 4,000 workers lost their jobs through retrenchments in the first three months of 2017. The same period in 2018 saw that number almost halved to 2,100.
NTUC Assistant Secretary-General Patrick Tay commented on his Facebook page that he expects the number of retrenchments to remain at this rate for the first half of 2018.
“Although this may suggest an improved economic outlook with fewer firms needing to lay off workers, we must be mindful that there may still be pockets of layoffs in some firms and sectors due to technological disruption and business restructuring as the economy transforms,” he said.
MOM warned that although unemployment rates have declined, it will be harder to see it dip any further.
Mr Tay added that he expects to see the manufacturing (engineering) and services sectors provide good job opportunities for workers.
“As we forge ahead to drive the training agenda and operationalise the 23 Industry Transformation Maps, the Labour Movement will continue to work closely with the tripartite partners to support workers to upgrade their skills, stay relevant and take on new job opportunities.” said Mr Tay.
With that said, it’s time for us to get to work. As the economy continues to restructure and our labour landscape continues to evolve, addressing potential job-skills mismatches for workers must remain a priority for us in the Labour Movement.
To make it easier for reference, here's a table comparing the numbers from the same period last year, and the period just before this one:
