0 Comment(s)
Print
E-mail Xinhua, March 19, 2025
SINGAPORE, March 19 (Xinhua) -- Singapore's total employment grew by 44,500 in 2024, reaching 3,744,600 in December, the Ministry of Manpower said in a report released Wednesday.
Resident employment increased by 8,800, reversing a decline of 4,600 in 2023. More residents were hired in higher-skilled sectors such as financial and insurance services, health and social work, professional services, and information and communications, while resident employment declined in lower-skilled sectors like food and beverage services, and administrative and support services, the report noted.
Non-resident employment growth slowed from 83,500 in 2023 to 35,700 in 2024, mainly driven by Work Permit holders filling blue-collar roles "that residents were less likely to take," said the report.
The labor market remained tight in the fourth quarter of 2024, with job vacancies continuing to outnumber unemployed persons. Vacancies rose from 61,500 in September last year to 77,500 in December, about 70 percent of which were for jobs typically filled by residents.
Singapore's economy is projected to grow between 1 percent and 3 percent in 2025, which is expected to be supported mainly by continued expansions in the manufacturing and outward-oriented services sectors, the ministry noted.
Against this backdrop, the labor market is expected to continue expanding in 2025, at least in the first quarter. According to ministry surveys, the percentage of employers planning to raise wages and headcount in the next three months increased in December 2024 compared to September 2024.
"However, should trade tensions intensify and slow down the Singapore economy, labor market performance may soften notwithstanding labor market tightness," the ministry added.
The employment data excludes migrant domestic workers, who are reported separately in the ministry's foreign workforce updates. As of June 2024, there were over 294,900 migrant domestic workers in Singapore, accounting for 19 percent of the total foreign workforce. Enditem
Go to Forum >>0 Comment(s)