More employment opportunities for Singaporeans in 2018
PUBLISHED ON 16 Mar 2018
As Singapore’s economy is expected to grow between 1.5 and 3.5% in 2018, more Singaporeans and permanent residents are expected to be employed.
The Ministry of Manpower’s in its 2017 labour market report also stated that the employment of this group of people doubled to 21,300 last year as compared to 2016. The local share of total employment rose to 67.2%from 66.4% in 2016.
Employment growth occurred in sectors with relatively higher shares of professionals, managers, executives & technicians (PMETs).
With the tightening of foreigner hiring rules, foreign workforce also declined by more than 10 times to 32,000 in 2017, the largest drop since 2002. This large decline was due to the decrease of work permit holders in the marine shipyard construction sectors.
The number of people retrenched has also decline. The MOM report stated that retrenchments decreased to 14,720 as compared to 19,170 the previous year.
The MOM report also noted that Singapore’s long-term unemployment rate was unchanged at 0.8 per cent. Resident unemployment rate also declined over the course of 2017 to 3 per cent, lower than the high of 3.2 per cent the previous year. This decline was observed across all education groups except for degree holders.
Report available here.