'We expect employment to continue to expand in the next quarter, and the labour market to remain tight'
The total employment growth in Singapore more than doubled in the third quarter of 2024, as the state's labour market continues to expand.
The latest Labour Market Advance Release from the Ministry of Manpower (MOM) revealed that total employment increased by 24,100 in the third quarter, more than double the 11,300 in the previous quarter.
Resident employment continued to go up in sectors such as Information and Communications, Professional Services, and Health and Social Services, according to the report.
For non-resident employment, MOM said most of the increase came from Work Permit Holders (WPH) in non-PMET roles, such as jobs in Construction, Manufacturing, and Administrative Support services sectors.
"These positions are typically less sought after by residents, or there may be a limited pool of local candidates available," the report read. "As a result, businesses seek to bring WPHs to meet their staffing needs. Employment among higher-skilled pass types was stable in 3Q 2024."
Source: Labour Market Advance Release 3Q 2024
Unemployment, retrenchments down in Singapore
Meanwhile, MOM said unemployment rates remained low in September 2024 after a slight dip to 1.8% from 1.9% in the previous month.
Retrenchments also declined to 2,900 in the third quarter, down from the 3,270 in the previous quarter.
"Retrenchments decreased or remained stable across sectors, with business reorganisation/restructuring remaining the top reason for retrenchments in 3Q 2024," MOM said in a media release.
Source: Labour Market Advance Release 3Q 2024
With total employment growing, unemployment remaining low, and retrenchments dropping, MOM said advance estimates show that Singapore's labour market continued to expand in the third quarter.
"While there was a decline in hiring and wage expectations among companies for 4Q 2024 – reflecting ongoing uncertainty in export-oriented sectors – we expect employment to continue to expand in the next quarter, and the labour market to remain tight," MOM said.
"To remain competitive and resilient amid prevailing economic and global uncertainties, the government encourages employers and workers to press on with transformation."
