Singapore’s labour market has improved “significantly” in 2022 on a y-o-y basis, with total employment growing by a record 227,800. The figure also reached some 2.9% above its pre-pandemic level.
The figure, which excludes migrant domestic workers (MDW), was the highest seen since the comparable series by the Ministry of Manpower (MOM) started from 1991.
According to MOM, resident employment continued to grow during the year, especially in outward-oriented sectors such as financial services, information & communications and professional services.
While resident unemployment and long-term unemployment rates remained low in December 2022, there were a higher number of retrenchments in the 4Q2022, at 2,990, doubling from 3Q2022’s 1,300. This was driven by business restructuring, says the ministry.
However, the total number of retrenchments in 2022, at 6,440, remained low compared to that of the pre-pandemic years.
Looking ahead, the ministry notes that hiring sentiments remain positive although global economic headwinds and slower growth may weigh on labour demand.
See also: Retrenchments increase in 3Q2023; economic headwinds to continue weighing on labour market: MOM
As it is, job vacancies have fallen in the last three straight quarters but remained elevated.
“Employment growth is likely to ease from 2022’s increase and be uneven across sectors,” adds MOM.
“To remain competitive and resilient amidst economic uncertainty, the government encourages employers and workers to make full use of government programmes to accelerate the pace of transformation and upskill their workforce,” the ministry continues.
