About one-third of workers in Singapore – roughly numbering 1.2 million individuals – are non-residents. This means they are neither Singapore Citizens nor PRs. As a result, the jobs market has always been an important topic for the government, businesses and people of Singapore.
In the most recent Labour Market 2021 report, released on 14 March 2022, there were many updates on Singapore’s jobs market. Here are 4 things that caught our eye in the report.
#1 More Locals In A Job Today Compared To Before COVID-19
In 2021, 41,400 jobs were added to Singapore’s employment market. Residents filled 71,300 openings, while non-residents employment declined 30,000.
In total, there were 3,643,500 individuals in employment in Singapore in 2021. Deducting the 246,300 migrant domestic workers, the employment count was 3,397,200 individuals in Singapore.
Out of this pool, 2,443,100 individuals were residents. This is about 3.7% higher than the resident employment level in December 2019. In other words, there are more residents in employment today than before the pandemic hit.
However, non-resident employment level remains 18% below its pre-pandemic count. According to the report, there were 15,300 less EP holders, 12,200 less S Pass holders and 2,400 less work permit and other work pass holders.
Resultantly, non-residents comprise 28.1% of Singapore’s total employment, which is under the one-third share as at December 2019.
Read Also: Guide To Work Passes In Singapore: Work Permits, S Pass and Employment Pass (EP)
#2 Unemployment Rate Down To Pre-COVID-19 Levels
As at January 2022, the citizen unemployment rate was 3.3% – recovering to pre-pandemic levels. Similarly, the resident unemployment rate and overall unemployment rate also declined to their pre-pandemic levels.
Interestingly, the main benefactors were those below and 30 and those 50 to 59. Unemployment rate for these two age groups were below pre-pandemic levels in December 2019.
However, the unemployment level for those 30 to 39 and 40 to 49 continue to remain at a heightened level. Those 60 and over also continue to face slightly higher unemployment level.
Going by education level, the unemployment rate remain higher for those who had Post-Secondary (Non-Tertiary) and Diploma & Professional Qualification. All other education levels saw better unemployment figures, with those having Below Secondary education faring the best.
Read Also: Retirement And Re-Employment Act: 7 Things Employers Need To Know About Retaining Older Workers
#3 Number Of Retrenchments At The Lowest In Over 2 Decades
Signalling further strength in the jobs market, there were only 1,500 individuals retrenched in 4Q2021 and 8,020 in 2021. This was at the lowest level in over two decades. Unfortunately, the data depicted only went back that far – and likely extended even further.
Another indicator, that may run in parallel to retrenchment rates, is the number of individuals put on short work-weeks or temporary lay-offs. This number significantly tapered off in 4Q2021 as well – declining to just 1,200 instances.
Even after getting retrenched, the stronger jobs market supported re-entry into the workforce. The six-month re-entry rate improved to 67% – i.e. 67 individuals who were laid off were able to find work again within 6 months. This was the highest it has been in the past 6-year high.
#4 Record Number Of 117,100 Job Openings In Singapore
Pointing to a certain degree of structural changes in Singapore’s employment market, there was a record 117,100 job openings. This translates to about 2.11 job openings for every unemployed person in Singapore.
A second reason for the record number of openings is because border restrictions continue to suppress foreign manpower levels. As at December 2021, the Manufacturing and Construction sectors accounted for nearly 23% of all vacancies.
Read Also: Why 2022 May Be A Good Year For Gig Workers To Consider Switching To Full-Time Employment
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