Employment conditions to deteriorate this year as growth slows

Services industry will drive employment growth.

Employment growth in Singapore will ease slightly on back of softer economic conditions, according to a report by OCBC.

Although employment grew by 12,600 in the third quarter, the pace was significantly slower than a year ago (+33,400), and layoffs actually rose across the board.

“With professionals, managers, executives & technicians (PMETs) representing 70% of all residents laid off in 3Q15, this may be one area of continued policy focus going forward amid the economic restructuring,” said OCBC.

The number of job vacancies to unemployed persons also declined from 121 per 100 job seekers in June 2015 to 116 openings in Sep 2015, which is back to levels last seen in June 2013.

“Looking ahead, the employment gains may hover around 15,000-20,000 in 2016, mainly supported by the services industries, especially the community, social & personal services, whereas manufacturing employment is likely to continue to shrink,” said the report.

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