Singapore job market remains tight although Q1 sees lower jobless rate

  • Business
  • Tuesday, 16 Jun 2015

SINGAPORE: Singapore's labour market remained tight in the first quarter of 2015 as the unemployment rate trended lower amid fewer redundancies and job openings, said the Ministry of Manpower and Statistics Department in the “Labour Market, First Quarter 2015: Report.”

After five years of strong increases, it said employment contracted in the first quarter of 2015, amid seasonal declines and sharper moderation in employment growth in the manufacturing and construction sectors, retail trade, real estate services and accommodation and food services.

Reflecting seasonal declines and sharper moderation in employment growth in sectors with less favourable business conditions, employment contracted by 6,100 in the first quarter of 2015.

On a year-on-year basis, total employment grew to 3,617,800 in March 2015, which was 2.7% higher than a year ago.

The ministry also said that apart from industry-specific factors, the data may be reflective of how a segment of the economy could be transiting to be less manpower reliant.

However, it said since the data was only representative of a single quarter, the employment numbers would need to be monitored over subsequent quarters to obtain a fuller picture. Redundancies remained low at 3,500 in first quarter of 2015 where 1.7 workers were made redundant per 1,000 employees compared with 1.9 in the preceding quarter and 1.6 a year ago.

The rate of re-entry into employment within six months of redundancy declined slightly in March 2015. — Bernama

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