Layoffs in Singapore a record low in first quarter
This was according to estimates released recently by the Ministry of Manpower (MOM), which also reported that resident unemployment rate was 3% and overall unemployment declined to 2.2%. Non-resident employment formed the bulk of job increases during the period, mainly in the construction sector.
“With the progressive lifting of border restrictions, the increase in non-resident employment was significantly greater than that of resident employment, as employers replenished their non-resident workforce,” MOM said.
Industries with the strongest demand for jobs were the information technology and digital solutions, as well as financial services sectors. However, seasonal hiring declined in food, retail and accommodation after the year-end holidays, the ministry said.
MOM also said it expects the resident unemployment to stay low as the relaxation of border measures this month continues to benefit the economy.
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However, the downside risks to the jobs outlook include the war in Ukraine, protracted pandemic-driven global supply disruptions and monetary policy tightening in advanced economies, all of which could influence business sentiment, the ministry said in the report.