Unemployment remains low in Singapore

September 13, 20133:00 pm370 views
Unemployment remains low in Singapore
Unemployment remains low in Singapore

SINGAPORE: Unemployment remains low in Singapore, despite rising slightly in the second quarter of 2013. The key findings from the Ministry of Manpower’s “Labour Market, Second Quarter 2013” report released on Friday were that the seasonally adjusted overall unemployment rate was 2.1 per cent in June 2013, up from 1.9 per cent in March 2013.

Total employment rose by 33,700 in the second quarter of 2013, higher than the gains of 28,900 in the previous quarter and 31,700 in the second quarter of 2012. This brought total employment to 3,420,200 in June 2013, which was 4 per cent higher than a year ago.

In a statement, the Manpower Ministry also provided its labour outlook for the rest of 2013.

In the first half of 2013, local employment gains exceeded foreign employment gains — local employment rose by 34,100, up from the gains of 22,800 in the same period last year.

Excluding foreign domestic workers (FDWs), foreign employment growth slowed to 27,000, down from the gains of 34,100 in the same period in 2012.

The ministry noted that this was the smallest growth since the first half of 2010, reflecting the continued fall in the number of Employment Pass (EP) holders and slower growth in Work Permit (WP) and S Pass holders.

Growth in the employment of foreign workers was largely driven by the construction sector due to infrastructure and housing developments.

Excluding the construction sector and FDWs, foreign employment grew by just 11,700 in the first half of 2013, compared to the gains of 18,600 in the same period last year.

The Manpower Ministry added that the labour market is expected to remain tight for the rest of the year.

Noting the moderation in foreign employment growth, which was largely driven by the needs of the construction sector, Acting Minister for Manpower Tan Chuan-Jin said that the government will “continue to take progressive steps to reduce the inflow of foreign workers and urge companies to adopt practical productivity improvement strategies” as Singapore moves towards a manpower-lean economy.

“We will continue to press on with restructuring for quality economic growth that will generate good job opportunities for Singaporeans,” he added.

 

source: channelnewsasia.com

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