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MOM Q1 2024 labour report shows increase in resident unemployed higher than resident employment growth

In the MOM Q1 2024 labor report, despite the uptick in resident employment, there was a simultaneous rise in unemployment figures



According to the advance estimates released by the Singapore Ministry of Manpower (MOM) on Tuesday, the labor market in Singapore experienced moderate expansion in the first quarter of 2024.

The growth pace has slowed compared to previous quarters, a trend that MOM attributes to the cooling labor demand observed throughout 2023 due to ongoing global economic uncertainties.

Excluding Migrant Domestic Workers, the total employment figures recorded an increase, primarily driven by an uptick in resident employment. This contributed to maintaining low unemployment rates and a decrease in retrenchments for the second consecutive quarter.

MOM reports that total employment increased by 4,900 in Q1 2024, a slowdown from the 7,500 increase in the previous quarter. This growth was entirely supported by a significant rise in resident employment, which not only surpassed last year’s figures but also reached levels seen in non-recessionary periods.

Conversely, non-resident employment saw its first contraction since the third quarter of 2021, reflecting diminished labor demand.

According to MOM, the growth in resident employment was notably strong in sectors such as Financial Services, Health & Social Services, and Public Administration & Education. These sectors managed to compensate for the seasonal employment declines in Retail Trade, Food & Beverage Services, and Accommodation sectors after the festive period.

The construction sector, primarily employing Work Permit holders, experienced a reduction following changes in the sector’s Dependency Ratio Ceiling effective from 1 January 2024.

MOM states that retrenchments decreased to 3,000 in the first quarter of 2024, down from 3,460 in the previous quarter. The predominant cause of retrenchments was business reorganization and restructuring, indicating ongoing industry transformation.

The unemployment rates in March 2024 experienced a slight uptick to 2.1% overall, with residents at 3.0% and citizens at 3.1%. MOM highlights that these rates are still within the pre-pandemic range, underscoring the underlying resilience of the labor market.

However, MOM’s figures also show that the number of unemployed residents increased by 5,200 (non-seasonally adjusted) and 4,700 (seasonally adjusted), from Q4 2023 to Q1 2024, a rise that exceeds the increase in resident employment growth.

The Ministry of Trade and Industry (MTI) projects an economic upturn in 2024, which MOM cites as a likely catalyst for strengthened labor demand. While wage increases may decelerate, MOM’s surveys indicate an optimistic hiring outlook, with 50.7% of firms expressing intentions to recruit more staff in the next three months.

To facilitate economic growth and workforce adaptation, MOM emphasizes the critical role of reskilling and job redesign. Initiatives like the Career Conversion Programmes and the Jobs Transformation Maps are essential in preparing Singaporeans for future job demands, according to MOM.

MOM urges all stakeholders to fully utilize the available support programmes to remain competitive and resilient amidst economic fluctuations.

It should also be noted that the reference period for the survey data refers to the week preceding the survey interview.

‘Employed Persons’ are defined as individuals aged fifteen years and over who, during the reference period, worked for one hour or more, either for pay or profit.

While the number of employed has not decreased drastically, this definition by MOM raises concerns about the number of income-related under-employed individuals, as working merely one hour a week qualifies a person as ’employed’ rather than ‘unemployed.'”

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Moderate expansion? MOM? What MOM? Ministry Of Mouthpiece? Don’t play with words.
Why are all the top jobs going to foreigners?

Who is responsible for creating employment in a country? Is it anyone’s responsibility, or no one is responsible..?? Businesses..? Government..? How do businesses begin operating? How does a country get a Government? Who elects people to be “the Government”..? How can we have a Government that do what we want? Is that even possible, or is it only in movies..? Dive deeper with questions. Let your mind think deeper And the answers will spring forward. Who do you dislike? Vote for people you dislike? Vote for people who, after 20 years have not protected you..?? Vote for people who enrich… Read more »

Once upon a time, the WORLD KNEW the existence of the 4 Asian Dragons. One dragon went back to China.

2 dragons leap up the Advanced ladder, coming close to match the 1st World, of not they are the 1st World.

Where’s the final dragon – no one officially HAS THE GUTS to say that dragon IS MUTED into a mouse.

And the Western media HAS ALL BUT ABANDONED this tiny mouse whimpering.

Observe the language used, … merely to provide employment and unemployment figures cum statistics to the nation.

They have made a concerted effort, … not to keep it short and simple.

This is “transparency”, … Made in SillyPore !!!

If in doubt or confused, as is the ultimate objective of this regime, … just checkout other nations similar reports !!!

This regime’s “talent” is wasted in governance, … they should go into “story telling” !!!

They managed to “upturn the downturn” huh?
Just some Labour Day /May Day feel good news…dunno true or not..
Some genie at work!

Uptick in resident employment?
Decrease in retrenchment?
Local 6 months or more remain unemployed, that data would not be there leh!
94.5% jobs in 2023, goes to FTs leh!
If the MOM says otherwise, then they are caught lying between their teeth!
Song boh? 😆😆😆😆🤣🤣🤣🤣