Story by Jonathan Tan
The Ministry of Manpower (MOM) released its Labour Market Report 3Q 2018 on 13 December 2018.
Among the highlights, total employment growth in Singapore more than doubled in this year’s third quarter compared to the previous quarter.
Total employment among residents (excluding foreign domestic workers) grew by 16,700 in the third quarter compared to a growth of 6,500 in the previous quarter.
Community, social and personal services, financial and insurance services, information and communications and professional services contributed to the employment growth.
Resident and citizen unemployment also remained at the same rate as September 2017. MOM observed that this is still higher than the two-year low observed in March 2018, a reflection of continued inflow of job seekers into the labour market.
The seasonally adjusted resident long-term unemployment rate also declined from 0.7 per cent in June 2018 to 0.6 per cent in September 2018. The data suggested that workers are better able to secure employment with improved economic conditions, according to MOM.
Lower Retrenchments
There were 540 less workers retrenched in the third quarter of 2018 compared to the previous quarter.
Some 2,860 workers were retrenched in the third quarter. The total number of retrenchments in the first nine months of 2018 (8,220) was lower than the same period last year (11,040).
According to the findings in the report, the six-month employment re-entry rate of retrenched residents declined in the third quarter of 2018, from 64 per cent to 62 per cent. The figure comprised workers previously employed in clerical and production and related jobs.
More Jobs than Jobseekers
Meanwhile, there were more job vacancies than job seekers for the third consecutive quarter, a sign that the labour market has eased. This is despite a slight dip in the ratio of job vacancies to unemployed persons – 1.10 in June 2018 to 1.05 in September 2018.
“Given the ongoing economic restructuring and the corresponding challenge of jobs-skills mismatch, it is important that workers and businesses stay agile and responsive to market demands. MOM and Workforce Singapore (WSG) will continue to work closely with tripartite partners to support and match Singaporeans to good jobs and careers through the Adapt and Grow initiative,” said MOM.
