While MOM remains optimistic about Singapore's labour outlook, employers are not convinced
Despite the slight improvement in the labour market, skills mismatches continue to be a pressing issue for organisations in Singapore.
According to MOM’s advanced labour report for 2018’s first quarter, retrenchment figures in Singapore are at its lowest in nearly seven years.
There are also fewer unemployed Singaporeans as compared to last year.
"While unemployment rates have declined from a year ago, further improvement will be harder to achieve,” MOM said.
“Addressing potential job-skills mismatches remains critical, as the economy restructures and the profile of the resident labour force evolves.”
The number of workers laid off this year is about half the number in the same period last year. The ministry attributes it to the continued upswing in economic activity.
Retrenchments fell particularly in the manufacturing, construction and services sectors.
Labour MP Patrick Tay, who is also Assistant Secretary-General of NTUC, however, cautions that disruption may continue to cause job displacements.
“Although this may suggest an improved economic outlook... we have to be mindful that there may still be pockets of layoffs in some firms and sectors due to technological disruption and business restructuring as the economy transforms,” he said.
According to MOM’s report, job opportunities continue to be available in sectors such as info-communications and media, financial and insurance, healthcare, professional services, as well as logistics and wholesale trade.
