NTUC Assistant Secretaries-General Patrick Tay and Desmond Choo highlight doubled employment growth and steady job opportunities in growth sectors while noting retrenchments expected to reach pre-pandemic levels.
The Ministry of Manpower’s (MOM) latest Labour Market Advance Release, issued on 29 October 2024, shows total employment surged to 24,100 in the third quarter – more than double the growth of 11,300 in the previous quarter.
In response to MOM’s report, NTUC Assistant Secretary-General Desmond Choo said there are promising signs for workers and businesses.
He added: “I am heartened that the supply of quality job opportunities has increased markedly in growth sectors such as Information and Communications, Professional Services, and Health and Social Services.”
Fellow NTUC Assistant Secretary-General Patrick Tay highlighted that Singapore’s labour market remains robust, with low unemployment rates.
However, he noted that while foreign employment grew, this increase was predominantly among Work Permit Holders, with some growth in PMET positions.
The unemployment situation remained stable in September, with the overall rate improving to 1.8 per cent from 1.9 per cent in August. The unemployment rate for citizens remained unchanged at 2.7 per cent and residents at 2.6 per cent.
Retrenchments declined to 2,900 in Q3 2024 from 3,270 in Q2, with business reorganisation and restructuring remaining the top reason for retrenchments.
“Retrenchments are holding steady as manufacturing sector performing better compared with past two years but is expected to cross 10,000 for whole of 2024, similar to pre-pandemic years where both cyclical and structural challenges weigh in on companies and businesses and layoffs hover between 10-15k per year,” Mr Tay said.
MOM’s forward-looking polls showed that 43.2 per cent of firms in September reported an intention to hire in the next three months, down from 49.4 per cent in June.
The proportion of firms planning to raise wages in the next three months fell to 15.6 per cent from 28.6 per cent.
MOM added in the report that while dips were seen in resident employment in Food and Beverage Services and Retail Trade sectors, employment is expected to pick up in the final quarter as businesses typically increase hiring for the festive season.
The ministry added that the overall outlook remains positive, supported by an upward revision to Singapore’s GDP growth forecast to 2-3 per cent for 2024 from the original 1-3 per cent.
MOM added: “We expect employment to continue to expand in the next quarter, and the labour market to remain tight.”
Read the full report here.
Workers looking to explore new job opportunities or upgrade their skills can visit NTUC’s e2i (Employment and Employability Institute).
