Total employment, however, grows thanks to resident employment: government
Non-resident employment in Singapore declined for the first time since the third quarter of 2021 in the latest Labour Market Advance Release, as the government underscored the importance of having foreign workers in the state.
The Ministry of Manpower (MOM) said the decline in non-resident employment was due to "cooling labour demand," with the drop mainly in the Construction and outward-oriented sectors.
"Nevertheless, applications for higher-skilled non-residents, i.e. Employment Pass holders, have picked up in tandem with improved business expectations," MOM said in a media release.
On the other hand, resident employment saw an increase during the first quarter of 2024, with the growth mainly recorded in sectors such as Financial Services, Health and Social Services, as well as Public Administration and Education.
Overall, total employment grew by 4,900 in the first quarter, but slightly lower than the 7,500 recorded in the previous quarter.
Unemployment, retrenchments in Singapore
Meanwhile, the report also found that retrenchments went down for the second consecutive quarter to 3,000, mainly due to "transformation efforts" among organisations
Unemployment also went up slightly to 2.1% in March 2024, but MOM said it remained "within the range observed during non-recessionary periods."
Amid these findings, MOM underscored the importance of having highly skilled foreign workers in Singapore to support the country's residents.
According to MOM, it will help businesses press on with transformation to become more "manpower-lean and productive" to generate more jobs for Singaporeans in the workforce.
"To achieve this, it is imperative that Singapore continues to attract highly-skilled foreign workers that complement our resident workforce and help our businesses and economy to compete and to thrive," MOM said in a statement.
