SINGAPORE — Employment in Singapore continued to rise in the fourth quarter of last year, marking its fifth consecutive quarter of growth, the Ministry of Manpower (MOM) said in its Labor Market Advance Release 2022 on Tuesday, Jan. 31. Last month of 2022.
However, the number of cuts is also higher than in the third quarter of 2022, but remains “comparable to pre-pandemic ranges,” MOM said.
The labor market report won’t be released until mid-March, but MOM Highlight here.
“Overall 2022, the labor market has improved significantly compared to 2021. The unemployment situation remained stable before the pandemic, and overall and resident employment levels increased,” MOM wrote. increase.
The ministry noted that non-resident employment growth contributed most of the increase, mainly in the construction sector.
However, resident employment will also increase in the fourth quarter of 2022, primarily in food and beverage services and retail during year-end festivities.
According to MOM’s highlights, the high number of job cuts is primarily due to business restructuring or restructuring.
“The increase mainly reflects increased contractions in information and communications, electronics manufacturing and wholesale trade, while contractions in other sectors remain stable,” it added.
Total employment increased by an unprecedented 231,700 in 2022 after a significant decline during the pandemic. This growth was again fueled by non-residents, especially as travel restrictions were lifted.
Nonetheless, resident employment also increased in 2022, albeit at a slower pace than the previous year.
Furthermore, “the average annual unemployment rate in 2022 is significantly lower than in 2021 (Overall: 2.1% vs. 2.7%; Residents: 2.9% vs. 3.5%; Citizens: 3.0% vs. 3.7%).” points out MOM.
The ministry added that “feelings about employment remain positive in the coming months,” based on a poll conducted at businesses.
However, an uncertain global economic environment, rising inflation and geopolitical tensions could affect the labor market.
“The projected slowdown in economic growth in 2023 may have some impact on the momentum of improvement in the labor market. With the recent increase in job cuts, the unemployment rate may also be on an upward trend.” /TISG
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https://theindependent.sg/mom-employment-in-singapore-grows-for-5th-straight-quarter-but-theres-also-recent-rise-in-retrenchments/ MOM: Jobs in Singapore have increased for five straight quarters, but job cuts have also increased recently