#1 Total Employment Continued To Grow By 41,100<\/strong><\/h3>\n\n\n\nTotal employment growth continued to expand 41,100 in 1Q2022. Bouyed by the progressive lifting of border restrictions, this was underpinned by a strong increase in non-resident employment \u2013 rather than resident employment. <\/p>\n\n\n\n
![\"Singapore](\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2022\/05\/Singapore-employment-growth-1Q2022-1024x612.png\")
Source: MOM<\/a><\/figcaption><\/figure><\/div>\n\n\n\nStatistics from the OCBC SME Index<\/a> \u2013 which gives us a snapshot of how SMEs have performed in the quarter \u2013 also corroborate the positive economic results in 1Q2022 \u2013 with the index expanding for the fifth straight quarter at 50.5.<\/p>\n\n\n\n![\"SMEs](\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2022\/05\/SMEs-saw-better-business-in-1Q2022.png\")
Source: OCBC SME Index (1Q 2022 Report April 2022)<\/figcaption><\/figure><\/div>\n\n\n\n#2 Positive And Contractionary Sectors In 1Q2022 <\/strong><\/h3>\n\n\n\nAccording to the MOM labour report, the Information & Communications (ICT) and Financial Services sectors continued to see steady growth in the first quarter of 2022. <\/p>\n\n\n\n
The growth in the ICT sector was supported by IT and digital solutions \u2013 which Singapore has been championing even more loudly since the pandemic. The OCBC SME Index 1Q2022 also saw activity levels in the sector growing during the first quarter of 2022. It also provided a more detailed breakdown of the SME segments within the broad sector, with Data Processing and Software Development, and IT Consultancy, in particular putting up a strong performance on the back of Singapore digitalisation drive.<\/p>\n\n\n\n
On the other hand, the ICT Manufacturing and Sales segment was impacted by challenges due to the Russia-Ukraine conflict and tight COVID-19 measures in China.<\/p>\n\n\n\n
![\"Strong](\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2022\/05\/Strong-activity-growth-in-the-Information-Communications-and-technology-sector.png\")
Source: OCBC SME Index (1Q 2022 Report April 2022)<\/figcaption><\/figure><\/div>\n\n\n\nMOM\u2019s First Quarter 2022 Labour Market Advance Release also saw a growth within the Financial Services sector, relating to a boost in security dealing and payment processing activities.<\/p>\n\n\n\n
Going deeper into individual sector performance, the OCBC SME Index also found that more than half of the SME sectors posted a positive 1Q2022, with majority of the rest very close to the 50-mark as well and coming off \u201cGreen\u201d 4Q21 stats. <\/p>\n\n\n\n
The F&B sector was the only one that has depicted relatively weak activity levels in the past few quarters. Nevertheless, this should ease for the sector following the recent lifting of many domestic and border restrictions.<\/p>\n\n\n\n
![\"Sectors](\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2022\/05\/Sectors-that-saw-improvements-in-1Q2022-1024x567.png\")
Source: OCBC SME Index (1Q 2022 Report April 2022)<\/figcaption><\/figure><\/div>\n\n\n\n#3 Unemployment Rate Held Firm At Pre-COVID-19 Levels<\/strong><\/h3>\n\n\n\nSingapore\u2019s Citizen unemployment in March rate remained at 3.2%, which is at our pre-COVID-19 levels. MOM expects unemployment rates to main at these levels as the labour market remains tight in Singapore\u2019s recovering economy. <\/p>\n\n\n\n
![\"Singapore](\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2022\/05\/Singapore-unemployment-rate-1Q2022-1024x414.png\")
Source: MOM<\/figcaption><\/figure><\/div>\n\n\n\nOn the back of this, retrenchment rates have dropped to a record low of 1,300 employees in Singapore. The majority of this came from the Services and Manufacturing sector.<\/p>\n\n\n\n
![\"Retrenchments](\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2022\/05\/Retrenchments-in-1Q2022-1024x433.png\")
Source: MOM<\/figcaption><\/figure><\/div>\n\n\n\nAccording to the OCBC SME Index 1Q2022, both sectors also registered a poorer performance this quarter, compared to 4Q2021, albeit still slightly expanding.<\/p>\n\n\n\n
Expansion in the Business Services sector slowed down. The Business Consultancy and Advertising and Exhibition segments continuing to remain positive, but declined from the last quarter. These segments should continue to be supported by Singapore opening borders.<\/p>\n\n\n\n
On the other hand, Accounting and Legal remained negative, but improve from the previous quarter.<\/p>\n\n\n\n
![\"OCBC](\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2022\/05\/OCBC-SME-1Q2022-Business-Services-sector.png\")
Source: OCBC SME Index (1Q 2022 Report April 2022)<\/figcaption><\/figure><\/div>\n\n\n\nWhile Manufacturing saw the second highest retrenchment rates. We should note that this is against already record low overall retrenchments. Moreover, the MOM labour report also highlighted an improvement in total employment within the sector \u2013 growing a relatively strong 7.2%. Statistics from the Ministry of Trade and Industry (MTI) also showed a 6.0% improvement in the sector\u2019s GDP contribution. Hence, it is likely that the retrenchments within the sector is largely due to reorganisation\/restructuring of certain firms. Given the relative strength of the sector, these individuals may have decent opportunities for re-employment as well.<\/p>\n\n\n\n
![\"Manufacturing](\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2022\/05\/Manufacturing-sector-growth-1Q2022.png\")
Source: MOM<\/figcaption><\/figure><\/div>\n\n\n\nThe OCBC SME Index 1Q2022 also showed a marginal slowdown in the Manufacturing sector. Despite this, all segments within the sector remained positive. The primary constraints that the sector face is also supply disruptions because of the Russia-Ukraine conflict and China\u2019s COVID-19 situation, as well as rising energy costs.<\/p>\n\n\n\n
![\"OCBC](\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2022\/05\/OCBC-SME-1Q2022-Manufacturing-sector-1024x745.png\")
Source: OCBC SME Index (1Q 2022 Report April 2022)<\/a><\/figcaption><\/figure><\/div>\n\n\n\n#4 67.6% Of Singapore Firms Plan To Add Headcount In 1Q2022<\/strong><\/h3>\n\n\n\nOn the whole, the MOM labour report underscored strength in Singapore\u2019s recovering economy, while the OCBC SME Index 1Q2022 depicted a relatively positive expansion in business activities.<\/p>\n\n\n\n
As such, it is no surprise that firms will continue to vie for talent and pursue more growth in the upcoming months. 67.6% of companies have indicated plans to hire as at March 2022.<\/p>\n\n\n\n
![\"Hiring](\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2022\/05\/Hiring-plans-in-1Q2022-1024x691.png\")
Source: MOM<\/a><\/figcaption><\/figure><\/div>\n\n\n\nAnother piece of positive news for both firms and employees is also the ability of firms to consider raising wages. As at March 2022, 31.2% of firms indicated an intention to increase salaries. This will come as a relieve for employees who are contending with rising inflation in their daily living expenses as well.<\/p>\n\n\n\n
Statistics from the OCBC SME Index<\/a> \u2013 which gives us a snapshot of how SMEs have performed in the quarter \u2013 also corroborate the positive economic results in 1Q2022 \u2013 with the index expanding for the fifth straight quarter at 50.5.<\/p>\n\n\n\n According to the MOM labour report, the Information & Communications (ICT) and Financial Services sectors continued to see steady growth in the first quarter of 2022. <\/p>\n\n\n\n The growth in the ICT sector was supported by IT and digital solutions \u2013 which Singapore has been championing even more loudly since the pandemic. The OCBC SME Index 1Q2022 also saw activity levels in the sector growing during the first quarter of 2022. It also provided a more detailed breakdown of the SME segments within the broad sector, with Data Processing and Software Development, and IT Consultancy, in particular putting up a strong performance on the back of Singapore digitalisation drive.<\/p>\n\n\n\n On the other hand, the ICT Manufacturing and Sales segment was impacted by challenges due to the Russia-Ukraine conflict and tight COVID-19 measures in China.<\/p>\n\n\n\n MOM\u2019s First Quarter 2022 Labour Market Advance Release also saw a growth within the Financial Services sector, relating to a boost in security dealing and payment processing activities.<\/p>\n\n\n\n Going deeper into individual sector performance, the OCBC SME Index also found that more than half of the SME sectors posted a positive 1Q2022, with majority of the rest very close to the 50-mark as well and coming off \u201cGreen\u201d 4Q21 stats. <\/p>\n\n\n\n The F&B sector was the only one that has depicted relatively weak activity levels in the past few quarters. Nevertheless, this should ease for the sector following the recent lifting of many domestic and border restrictions.<\/p>\n\n\n\n Singapore\u2019s Citizen unemployment in March rate remained at 3.2%, which is at our pre-COVID-19 levels. MOM expects unemployment rates to main at these levels as the labour market remains tight in Singapore\u2019s recovering economy. <\/p>\n\n\n\n On the back of this, retrenchment rates have dropped to a record low of 1,300 employees in Singapore. The majority of this came from the Services and Manufacturing sector.<\/p>\n\n\n\n According to the OCBC SME Index 1Q2022, both sectors also registered a poorer performance this quarter, compared to 4Q2021, albeit still slightly expanding.<\/p>\n\n\n\n Expansion in the Business Services sector slowed down. The Business Consultancy and Advertising and Exhibition segments continuing to remain positive, but declined from the last quarter. These segments should continue to be supported by Singapore opening borders.<\/p>\n\n\n\n On the other hand, Accounting and Legal remained negative, but improve from the previous quarter.<\/p>\n\n\n\n While Manufacturing saw the second highest retrenchment rates. We should note that this is against already record low overall retrenchments. Moreover, the MOM labour report also highlighted an improvement in total employment within the sector \u2013 growing a relatively strong 7.2%. Statistics from the Ministry of Trade and Industry (MTI) also showed a 6.0% improvement in the sector\u2019s GDP contribution. Hence, it is likely that the retrenchments within the sector is largely due to reorganisation\/restructuring of certain firms. Given the relative strength of the sector, these individuals may have decent opportunities for re-employment as well.<\/p>\n\n\n\n The OCBC SME Index 1Q2022 also showed a marginal slowdown in the Manufacturing sector. Despite this, all segments within the sector remained positive. The primary constraints that the sector face is also supply disruptions because of the Russia-Ukraine conflict and China\u2019s COVID-19 situation, as well as rising energy costs.<\/p>\n\n\n\n On the whole, the MOM labour report underscored strength in Singapore\u2019s recovering economy, while the OCBC SME Index 1Q2022 depicted a relatively positive expansion in business activities.<\/p>\n\n\n\n As such, it is no surprise that firms will continue to vie for talent and pursue more growth in the upcoming months. 67.6% of companies have indicated plans to hire as at March 2022.<\/p>\n\n\n\n Another piece of positive news for both firms and employees is also the ability of firms to consider raising wages. As at March 2022, 31.2% of firms indicated an intention to increase salaries. This will come as a relieve for employees who are contending with rising inflation in their daily living expenses as well.<\/p>\n\n\n\n#2 Positive And Contractionary Sectors In 1Q2022 <\/strong><\/h3>\n\n\n\n
#3 Unemployment Rate Held Firm At Pre-COVID-19 Levels<\/strong><\/h3>\n\n\n\n
#4 67.6% Of Singapore Firms Plan To Add Headcount In 1Q2022<\/strong><\/h3>\n\n\n\n
![\"Firms](\"https:\/\/dollarsandsense.sg\/business\/wp-content\/uploads\/2022\/05\/Firms-intend-to-raise-wages-in-1Q2022.png\")