Employment rate grows “more than expected” breaking 4-month decline | Singapore Business Review - The Latest News, Headlines, Insight, Commentary & Analysis

Employment rate grows “more than expected” breaking 4-month decline

The jobless rate during the quarter also eased, but remained elevated.

Total employment grew 12,200 in the first quarter of the year, the first time after four consecutive quarters of decline, the Ministry of Manpower reported.

Resident employment increased during the quarter, whilst non-resident employment declined, partially due to the restrictions on the entry of foreign workers amidst the pandemic.

“Given ongoing border restrictions to reduce COVID-19 importation risks, we expect foreign employment growth to continue to face downward pressure,” the ministry said, noting this could lead in shortages in the construction sector.

The unemployment rate also inched down to 2.9% between February to March from 3%, but remained elevated compared to its pre-pandemic level.

The number of retrenchments during the quarter declined by 2,270 for the second consecutive quarter. The six-month re-entry rate among retrenched residents rose for two consecutive quarters to 66% in 1Q 2021.

The ministry added there were 68,400 job vacancies in March 2021, exceeding the last high of 65,500 which was recorded in March 2015. These vacancies were reported across all sectors such as manufacturing, public administration and education, construction, information & communications and financial services.


Get Singapore Business Review - The Latest News, Headlines, Insight, Commentary & Analysis in your inbox
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

This included one-off partial distribution of divestment gains of S$20m.
This is attributed to the lower rental reliefs to retail tenants at Festival Walk and higher average occupancy from IXINAL Monzen-nakacho Building.
The Tripartite Committee on Workplace Fairness targets to complete its work by H1 2022.
A total of 811 condos were sold in the last quarter, the highest since Q4 2010.
The SMAs are focused on global infrastructure projects.
The company said their income was driven by its latest acquisitions.
The Jobs Support Scheme has been extended to 18 August.
The bank is now allowing small- and medium-sized enterprises to avail the loan digitally.
And Health Ministry clarifies roadmap in treating COVID as endemic remains.
Inflation for all items meanwhile remained unchanged at 2.4% YoY.
SMEs that qualify for the UOB Start digital pack will be offered six months of free access.
This was supported by grants extended by the government, such as the Jobs Support Scheme.
The group’s profits after tax ballooned by as much as 138.4%.
It is comprised of a 10-, 20-, and 40-year USD Temasek Bonds.
This was linked to the higher average selling prices amidst rising coal prices.