Singapore labour market down by 2,400 workers in Q3 2021
This was a slower decline, compared to the 16,300 previously.
Singapore’s labour market experienced a decline in the third quarter (Q3) of 2021 by 2,400, according to the Ministry of Manpower (MoM).
Resident employment for the quarter, meanwhile, grew by 19,100, whilst non-resident employment fell by 21,500.
Compared to the previous quarter, Q3 saw than the previous quarter, with the second quarter (Q2) recording a 16,300 decline.
Sectors that influenced increases in resident employment include Information and Communications, Professional Services and Financial Services, as well as more domestically-oriented sectors of Administrative and Support Services and Health and Social Services. On the other hand, sectors that continued to fall behind include Food and Beverage Services, Arts, Entertainment and Recreation, Accommodation, and Retail Trade.
Other findings from the report also found that the number of retrenchments declined also dipped in the quarter, from 2,340 or 1.3 retrenched per 1,000 employees to 1,900 or 1.1. The six-month re-entry rate also echoed this sentiment with an increase to 66%, from 64% in Q3.
Fewer employees were also placed on short work-week at 4,060, compared to Q2's 5,580.
Job vacancies for the quarter also increased, with 92,000 in June 2021, with the pace of increase slowing from September 2021’s 98,700.
MoM, in particular, attributes this to border restrictions, as the department expects this to remain high until these are lifted. Sectors in particular that saw decreases due to fewer work permit holders include Manufacturing, Construction, Food & Beverage Services, and Administrative & Support Services. These sectors, in particular, accounted for 38% of all job vacancies.