Singapore jobs market expands in Q1 as more residents land jobs

Vacancies rose to 81,900 in March from 79,800 at the end of last year.

Singapore’s labour market continued to expand in the first quarter with more residents finding jobs, according to the Ministry of Manpower (MOM). 

MOM’s labour market report on Thursday showed that total employment rose by 4,700 last quarter mainly thanks to the 5,500 increase in resident employment. 

Dampening that growth were the declining jobs available for non-residents with employment in this segment falling by 800 last quarter.

By sector, financial and insurance services and public administration sectors were the most active in hiring residents while businesses in the construction and manufacturing sectors mainly contributed to the shrinking labour market for non-residents.

MOM said the city-state’s overall unemployment rate inched up to 2.1% in March from the month prior. The ministry expects the jobless rate to be mitigated by declining retrenchments.

The volume of retrenchments went down to 3,030 in the first quarter from 3,460 in the fourth quarter, while the majority or 59% of the residents who were laid off were able to land a job within six months.

Meanwhile, job vacancies continued to increase to 81,900 listings in March from 79,800 last December.

“With slowing resident workforce growth and low resident unemployment rates, continued growth in resident employment is likely to become more muted,” MOM’s statement read.

“To achieve economic growth and better jobs, Singapore will need to keep attracting highly-skilled foreign workers that complement our resident workforce and together help our businesses to compete and succeed,” it added.