Watch Retrenchments in Singapore greater than doubled in 2023: MOM report – Singapore News

EMPLOYMENT

Complete employment, excluding migrant home employees, rose by 8,400 within the closing quarter of the 12 months. It was additionally the ninth consecutive quarter that complete employment had elevated.

MOM famous that the expansion in complete employment has moderated “considerably” for each residents and non-residents as in comparison with earlier quarters.

“This moderation was not sudden as weaker hiring expectations and declining job vacancies from earlier quarters indicated cooling labour demand,” stated MOM.

Resident employment progress was largely in domestic-oriented providers comparable to well being and social providers and public administration and schooling. Retail commerce and meals and beverage providers additionally obtained an employment increase, as a result of seasonal hiring.

“After the sharp, post-pandemic rebound in 2022, complete employment progress for the total 12 months of 2023 was reasonable amidst weaker financial situations (from 227,800 to 89,400),” stated MOM.

“The extra muted tempo of progress was seen for each residents and non-residents,” MOM stated.

Unemployment charges have been unchanged in December 2023 at 2 per cent total, whereas charges remained “steady and low” for the total 12 months of 2023.