Employment continues to rebound in Singapore
Employment in Singapore continued to improve over 2Q2022, with total employment hitting 99.5% of the level attained in December 2019, highlighted the Ministry of Manpower (MOM).
Resident employment grew to 4.2% above the pre-pandemic level in June, while non-resident employment remained 10% below pre-pandemic levels.
Given the economic slowdown, the outlook on external demand has weakened. The labour market outlook is uneven across sectors due to factors like inflationary pressures, geopolitical tensions in the region and the impact of the pandemic, MOM said.
Demand in consumer-facing sectors like food and beverages services should remain robust with the easing of domestic and border restrictions. The same goes with tourism and aviation, which are expected to reap benefits from the recovery of air passengers and international visitor arrivals.
However, growth in outward-oriented sectors like finance and insurance services is expected to slow due to the global headwinds.
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“Amidst this uncertainty, we do need to press on with economic transformation and to enhance our businesses’ and workers’ resilience to shocks,” said Ng Chee Khern, MOM permanent secretary.
“Businesses could strengthen their Singaporean core through reskilling and offering flexible work arrangements to tap on more workforce segments such as older workers and caregivers,” he said.