02-08-2024, 09:54 AM
Current labour market trend in Singapore
Meta AI: *Current Labour Market Trends in Singapore*
Here are the current labour market trends in Singapore ¹ ² ³:
- *Job Market Resilience*: Despite global economic headwinds, the labour market in Singapore has shown resilience, with total employment growing by 88,400 in 2023.
- *Growth in Resident Employment*: Resident employment has seen a growth of 4,900 in the first quarter of 2024, mainly in sectors like Financial Services, Health & Social Services, and Public Administration & Education.
- *Non-Resident Employment*: Non-resident employment contracted for the first time since 3Q 2021, mainly due to a decline in Construction sector employment.
- *Retrenchments*: Retrenchments have fallen for the second consecutive quarter to 3,000 in 1Q 2024, with business reorganisation/restructuring being the top reason.
- *Unemployment Rates*: Unemployment rates have edged up slightly to 2.1% in March 2024 but remain within the pre-pandemic range.
- *Job Vacancies*: The number of job vacancies has increased slightly in December 2023, with a ratio of job vacancies to unemployed persons at 1.74.
- *Labour Market Tightness*: The labour market remains moderately tight, with a low resident unemployment rate and a high ratio of job vacancies to unemployed persons.
- *Business Sentiments*: Business sentiments have improved, with more employers planning to hire or increase wages in 2024.
- *Support for Workers*: The government has initiatives to support workers, including Career Conversion Programmes, Mid-Career Pathways Programme, and career matching services.
Please note that these trends are based on the latest available data and may change in the future.
[02/08, 9:52 am] Meta AI: *Percentage of EP and S Pass Holders*
As of December 2023, foreign workers comprise about 40% of Singapore's total workforce, with over 1.5 million foreigners working in Singapore ¹. However, I couldn't find the most recent percentage of EP and S Pass holders.
*Sector Breakdown of EP and S Pass Holders*
Here is a sector breakdown of EP and S Pass holders ¹ ²:
- *Manufacturing Sector*:
- Saw significant growth in non-resident employment in the last two quarters.
- Reliant on non-resident workers.
- *Construction Sector*:
- Saw significant growth in non-resident employment in the last two quarters.
- Reliant on non-resident workers.
- *Services Sector*:
- Can hire work permit holders to comprise up to 35% of total workforce.
- Includes financial, insurance, real estate, infocomm, and business services.
- *Financial Services Sector*:
- Has higher qualifying salary criteria for EP and S Pass holders.
- Includes banking, investments, and other financial services.
*EP and S Pass Holder Qualifying Salary Criteria*
Here are the qualifying salary criteria for EP and S Pass holders ¹:
- *EP Holders*:
- Minimum qualifying salary of $5,000, increasing progressively with age up to $10,500 for those 45 and above.
- Financial services sector requires EP holders to earn at least $5,500 a month, up to $11,500 for those 45 and above.
- *S Pass Holders*:
- Minimum qualifying salary of $3,150 a month, up to $4,650 for those 45 and above.
- Financial services sector requires S Pass holders to earn at least $3,650, increasing progressively with age up to $5,650 for those 45 and above.
[02/08, 9:52 am] Meta AI: *Percentage of Local Citizens in Singapore*
As of December 2023, the unemployment rate for citizens in Singapore was 2.9% ¹. Here are some additional details about the labor market in Singapore:
- *Resident Employment*: Resident employment growth was mainly in Financial Services and Professional Services, with a total of 4,900 residents employed in 4Q 2023 ¹.
- *Unemployment Rates*: Unemployment rates remained stable and low in December 2023, with an overall rate of 2.0%, a resident rate of 2.8%, and a citizen rate of 2.9% ¹.
- *Retrenchments*: The number of retrenchments rose in 2023 compared to the low in 2022, but was similar to pre-pandemic levels ¹.
- *Job Vacancies*: The number of job vacancies increased slightly in December 2023, with a total of 79,800 vacancies ¹.
Meta AI: *Current Labour Market Trends in Singapore*
Here are the current labour market trends in Singapore ¹ ² ³:
- *Job Market Resilience*: Despite global economic headwinds, the labour market in Singapore has shown resilience, with total employment growing by 88,400 in 2023.
- *Growth in Resident Employment*: Resident employment has seen a growth of 4,900 in the first quarter of 2024, mainly in sectors like Financial Services, Health & Social Services, and Public Administration & Education.
- *Non-Resident Employment*: Non-resident employment contracted for the first time since 3Q 2021, mainly due to a decline in Construction sector employment.
- *Retrenchments*: Retrenchments have fallen for the second consecutive quarter to 3,000 in 1Q 2024, with business reorganisation/restructuring being the top reason.
- *Unemployment Rates*: Unemployment rates have edged up slightly to 2.1% in March 2024 but remain within the pre-pandemic range.
- *Job Vacancies*: The number of job vacancies has increased slightly in December 2023, with a ratio of job vacancies to unemployed persons at 1.74.
- *Labour Market Tightness*: The labour market remains moderately tight, with a low resident unemployment rate and a high ratio of job vacancies to unemployed persons.
- *Business Sentiments*: Business sentiments have improved, with more employers planning to hire or increase wages in 2024.
- *Support for Workers*: The government has initiatives to support workers, including Career Conversion Programmes, Mid-Career Pathways Programme, and career matching services.
Please note that these trends are based on the latest available data and may change in the future.
[02/08, 9:52 am] Meta AI: *Percentage of EP and S Pass Holders*
As of December 2023, foreign workers comprise about 40% of Singapore's total workforce, with over 1.5 million foreigners working in Singapore ¹. However, I couldn't find the most recent percentage of EP and S Pass holders.
*Sector Breakdown of EP and S Pass Holders*
Here is a sector breakdown of EP and S Pass holders ¹ ²:
- *Manufacturing Sector*:
- Saw significant growth in non-resident employment in the last two quarters.
- Reliant on non-resident workers.
- *Construction Sector*:
- Saw significant growth in non-resident employment in the last two quarters.
- Reliant on non-resident workers.
- *Services Sector*:
- Can hire work permit holders to comprise up to 35% of total workforce.
- Includes financial, insurance, real estate, infocomm, and business services.
- *Financial Services Sector*:
- Has higher qualifying salary criteria for EP and S Pass holders.
- Includes banking, investments, and other financial services.
*EP and S Pass Holder Qualifying Salary Criteria*
Here are the qualifying salary criteria for EP and S Pass holders ¹:
- *EP Holders*:
- Minimum qualifying salary of $5,000, increasing progressively with age up to $10,500 for those 45 and above.
- Financial services sector requires EP holders to earn at least $5,500 a month, up to $11,500 for those 45 and above.
- *S Pass Holders*:
- Minimum qualifying salary of $3,150 a month, up to $4,650 for those 45 and above.
- Financial services sector requires S Pass holders to earn at least $3,650, increasing progressively with age up to $5,650 for those 45 and above.
[02/08, 9:52 am] Meta AI: *Percentage of Local Citizens in Singapore*
As of December 2023, the unemployment rate for citizens in Singapore was 2.9% ¹. Here are some additional details about the labor market in Singapore:
- *Resident Employment*: Resident employment growth was mainly in Financial Services and Professional Services, with a total of 4,900 residents employed in 4Q 2023 ¹.
- *Unemployment Rates*: Unemployment rates remained stable and low in December 2023, with an overall rate of 2.0%, a resident rate of 2.8%, and a citizen rate of 2.9% ¹.
- *Retrenchments*: The number of retrenchments rose in 2023 compared to the low in 2022, but was similar to pre-pandemic levels ¹.
- *Job Vacancies*: The number of job vacancies increased slightly in December 2023, with a total of 79,800 vacancies ¹.