Singapore’s employment surged by 88,400 in 2023

88,400 jobs were produced in Singapore in 2023, mainly due to increased employment among foreigners.

According to data from the Ministry of Manpower, non-resident employment spaces reached 83,500, primarily within the construction, manufacturing, financial and professional services sectors. Resident employment totaled 4,900, with growth concentrated in the financial and professional services sectors.

In addition, sectors with typical seasonal hiring also saw an increase in resident employment, although it was significantly lower than in previous years. Specifically, the retail trade sector created 2,400 new jobs, while the food and beverage services sector created 500 and the arts, entertainment and recreation sector created 400 positions.

The report also noted a low and stable unemployment rate for Singaporeans and permanent residents, which had not changed significantly by December 2023, with the overall rate standing at 2%. However, the resident unemployment rate remained slightly higher – 2.8% and 2.9%. The long-term unemployment rate remained stable at 0.7%.

Despite the number of retrenchments more than doubling from 6,440 to 14,590 compared to 2022, it remained at pre-pandemic levels.

The retrenchments were primarily due to business reorganization and restructuring. However, there was a downward trend in this number in the fourth quarter, indicating potential stabilization.

There was also a slight increase in job vacancies in December 2023 after six straight quarters of decline. The figure rose to 79,800 from 78,200 in September 2023.

Experts expect labor demand to strengthen with improved economic growth forecasts for 2024.