Singapore’s labour market saw significant growth in the second quarter of 2024, with total employment increasing by 11,300 jobs, more than double the previous quarter’s figure.
The Ministry of Manpower (MOM) reported that this surge was largely driven by non-resident employment, particularly in construction and manufacturing sectors, while resident employment saw a slight decline due to seasonal layoffs in retail and support services.
The overall employment growth for the first half of 2024 reached 16,000, indicating a resilient labour market amid economic recovery.
Despite a rise in retrenchments to 3,270 in the second quarter from 3,030 in the first quarter, unemployment rates improved, with the overall rate dropping to 2.0 per cent.
The resident long-term unemployment rate remained low at 0.8 per cent, and the number of job vacancies was stable, exceeding the number of unemployed persons.
This trend reflects a tight labor market where job vacancies outnumber unemployed individuals, increasing the job vacancy-to-unemployed ratio to 1.67 in June.
The MOM’s report highlighted that while overall retrenchments are low, many firms are reorganising due to business restructuring rather than economic downturns.
More than half of retrenched residents managed to secure new jobs within six months, although this re-entry rate saw a slight decline compared to the previous quarter.
Find out the latest on Singapore’s labour market here.
