Retrenchment s in Singapore fell for the second straight quarter while the hiring outlook improved, according to preliminary first-quarter labour market data released by the Ministry of Manpower on April 30.
Although the growth in total employment dropped, MOM said it was higher than in the previous quarters in 2023 - and comparable to growth in non-recessionary periods. It said the Singapore economy is expected to improve in 2024 and “labour demand, which tends to lag economic growth, should strengthen correspondingly.
MOM said the increase in resident employment was mainly in growth sectors such as financial services, health and social services, as well as public administration and education. MOM noted that employment in the sector fell for the first time since the fourth quarter of 2021, as construction firms adapted to the Jan 1 reduction in the sector’s foreign worker quota.
Source: News Formal (newsformal.com)
LABOUR MARKET Employment Retrenchment Singapore SINGAPORE ECONOMY
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