Ministry of Manpower’s Post

Singapore's job market shows mixed signals: - Increase in job vacancies in growth sectors is positive. - Rising unemployment and long-term unemployment among youth and older job seekers are concerns. - Decline in retrenchments and quick re-employment of retrenched workers are encouraging. - Business reorganisations causing retrenchments indicate a need for reskilling and upskilling. - Targeted support is essential to tackle long-term unemployment and create an inclusive labor market. What interventions do you think could effectively address long-term unemployment in Singapore? #singapore #jobmarket #jobseekers #unemploymenttrends #growthsectors

In 2023, Singapore saw significant employment growth of 88,400 jobs, driven largely by foreigners in construction and manufacturing, and residents in financial and professional services. However, retrenchments more than doubled, reaching 14,590. Despite this, job vacancies increased slightly, especially in higher-paying sectors. Re-entry rates for retrenched workers declined, partly due to an aging workforce, but government programs aimed at skills upgrading may help. The labor market is normalizing, with cautious optimism for 2024 despite potential challenges like continued retrenchments and global economic risks. #employmenttrends #jobhiring #singaporejobvacancy #talentacquisition #technologyrecruitment

Singapore's labour market remains tight with strong demand for talent and an improving economy. Wage growth is robust, and average monthly earnings now surpass pre-pandemic levels. According to the Ministry of Manpower, 50.7% of companies plan to hire more workers next quarter, and job vacancies continue to rise. Although unemployment inched up to 2.1% in March, employment expanded by 4,700. Economists expect wage pressures to persist, supporting core inflation. This presents excellent opportunities for job seekers. Connect with Mason & Co to unlock potential career opportunities today. #Singaporelabourmarket #talentdemand #wagegrowth #jobopportunities #masonacjobs

Singapore Ministry of Manpower just released the 1Q Labour Market Report. I am heartened to see that the number of job vacancies has grown, and that the incidence of retrenchment has continued to fall in 1Q2024. The tight labour market and the improved economic outlook should result in better prospects for our workforce. We will have to press on with efforts to raise local workforce skills and productivity as the number of non-resident workforce moderates to a more sustainable level. While the resident long-term unemployment rate remains low at 0.8%, the proportion of workers who were able to re-enter employment six months post-retrenchment fell under 60%. We will need to watch out for parts of our workforce who may need to adapt or retrain, particularly as companies continue to transform and restructure to incorporate new technologies and meet changing needs including the advent of Gen AI and Sustainability. #MOM #NTUC #SNEF #Manpower #jobs #LabourMarket #Economy #Unemployment #Retrenchment #tripartism #training #skills

The latest Ministry of Manpower (MOM) report reveals a troubling scenario for job seekers in Singapore. Retrenchments are up, job vacancies are down. While the report highlights a rise in residents finding new jobs, there appears to be no mention of the quality of these positions. Are we settling for just any job, or are these roles providing real growth and satisfaction? 🤔 Let's also not ignore the elephant in the room - the rise in long-term unemployment rates. Whilst we talk about economic headwinds, we probably need a new plan to navigate these challenges and create a thriving job market. Share your thoughts on how Singapore can transform its labor market and weather these economic storms. 💬 #SingaporeEconomy #JobMarket #FutureOfWork #EconomicResilience

Singapore’s Ministry of Manpower just released the 1st quarter advance labour market report earlier. On the whole, unemployment, employment, and retrenchment held steady. Moving ahead, companies and industries will continue to restructure, reorganise, restrategise, and transform as they face both cyclical and structural challenges with the various Geo-political and global issues. This is further accentuated by the advent of the twin developments of sustainability and generative AI. With manufacturing output not showing any signs of a significant upturn thus far, we expect the second quarter will continue to mirror that of this first quarter. As many analysts have predicted a better second half of 2024, weeks remain optimistic and hope things would turn for the better but companies remain cautious at all fronts. It is therefore imperative for companies and workers to continue to ride the wave of changes and new opportunities created with the developments and upskill, reskill, and second-skill to stay ready, relevant, and resilient! National Trades Union Congress (NTUC) UWEEI - United Workers of Electronics & Electrical Industries Ministry of Manpower #MOM #NTUC #SNEF #Manpower #jobs #LabourMarket #Economy #Unemployment #Retrenchment #tripartism #training #skills

Singapore's Labor Market Update: A Closer Look 🚨 The recent report from the Ministry of Manpower (MOM) heralds a promising outlook for Singapore's employment landscape, with retrenchments decreasing and total employment witnessing a modest uptick. While these headlines paint a rosy picture, a critical examination reveals underlying complexities that demand our attention. 🔍 Tighter foreign worker quotas: The contraction in non-resident employment, particularly in sectors like construction, raises pertinent questions about the balance between local workforce development and the need for foreign talent. How can we navigate this delicate equilibrium to ensure sustainable growth without compromising industry competitiveness? 🔄 Business restructuring woes: Despite the decline in retrenchments, the persisting trend of job losses due to business reorganization underscores the imperative for adaptive strategies in a rapidly evolving economy. How can we reconcile innovation with job security to foster a resilient workforce? 💼 Unemployment concerns: The marginal increase in unemployment rates, especially among residents, highlights the urgency of targeted interventions to bridge the gap between job seekers and available opportunities. What actionable steps can we take to facilitate smoother transitions and enhance labor market inclusivity? Let's move beyond the surface-level statistics and engage in meaningful dialogue about the challenges and opportunities shaping Singapore's labor landscape. #SingaporeJobs #LaborMarketInsights #FutureOfWork 💡

The rise in job vacancies within Singapore’s growth sectors signifies a positive trend. However, the increasing unemployment rate and persistent long-term unemployment among young and older job seekers pose significant challenges. A decline in retrenchments and the swift reemployment of retrenched individuals within six months are encouraging. Nonetheless, the reasons for retrenchments, including business reorganisation, underscore the necessity for reskilling and upskilling to adapt to evolving job market demands. Addressing long-term unemployment rates among the younger and older demographics requires targeted interventions and support to foster a more inclusive and sustainable labor market. #singapore #jobmarket #jobseekers #unemploymenttrends #growthsectors

With the aggravating geopolitical and economic environment weighing down the Singapore economy, what are the Singaporean workers' career opportunities and prospects in 2024, esp the young mature workers? The article provides a snapshot of how the Singapore government plans to support Singapore workers through this tough economic situation.    What do you think the individual Singapore worker could do to emerge successfully through this tough time?