Which sectors reduced full-time workers in a full year?
Sectors in the arts & culture and social services decreased employees.
About 6% of firms revealed that they experienced a decline in the number of full-time workers in a full year, a Singapore Business Federation (SBF) survey showed.
Per industry, companies who reduced their full-time workforce are from arts & culture and social services (40%), construction and civil engineering (10%), logistics and transportation (9%), retail and hotel (9%), information and communications (6%), and manufacturing (6%).
The survey also showed that about one-fifth of firms (20%) experienced an increase in their full-time workers in a full year. These companies also anticipate an increase in the next 12 months.
Amongst the industries, those working in repair services (60%) had the highest percentage that reported an increase in full-time workers. This was followed by banking, finance, and insurance (38%), and retail and hotels (30%).
"Close to two-fifths of companies (38%) had no change to their number of full-time employees in the last 12 months and expect not to make any adjustment in the next 12 months," the survey also showed.
More than half of the SMEs (54%) and Large Companies (48%) revealed that there will be no change to the number of full-time employees in the next 12 months.
Overall, the survey suggests "that employment outlook remains positive although more businesses expect economic outlook to weaken."
"As such, there is a need for a moderation in the wage increases for the next 12 months," it added.
The poll used responses from 282 businesses, comprising 79% of small and medium-sized enterprises (SMEs) and 21% large companies across all major industries. The survey was done from 20 July to 31 July 2023.