Chart of the Day: See how local employment slumped after strong 2014 growth

Tightening measures continue to sedate foreign employment.

Local employment took a 180-degree turn in the first half of 2015, as a strong gain of 41,000 workers in 1H14 was negated by a 8,900 contraction.

According to a review by the Monetary Authority of Singapore, the sudden breakdown was a result of mounting job losses by temporary workers in the retail trade and accommodation and food services industries.

MAS says job losses also plagued workers in the real estate segment, weakened by the slowdown in the private residential property market.

Despite this, MAS says older workers continued to see positive employment growth.

Meanwhile, tightening measures are still at full effect in terms of limiting foreign workers, mirrored by the continued slowdown in employment in the first half.

“A total of 12,500 foreign workers were added in H1 2015, compared to 15,100 in the corresponding period a year ago. The services sector accounted for the majority of foreign employment gains,” MAS says.

“The largest proportion of foreign hires were work permit holders, who were employed in the administrative & support, transport & storage, and accommodation & food services sectors as cleaners, kitchen assistants and bus drivers,” they added.

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