Article: Hiring slow, less layoffs in Singapore

Permanent Recruitment

Hiring slow, less layoffs in Singapore

Quarter 2 of 2019 saw a growth in employment from the information and communications, professional services, financial, community, social and personal services sectors in Singapore.
Hiring slow, less layoffs in Singapore

As compared to Q1, the total employment has grown by 4,000 in Q2 in Singapore, according to the Labour Market Advance Release Q2 2019. This number is however lower than Q1 (10,700) and about a year back (6,500). 

The Information & Communications sector has seen considerable growth in employment in addition to other spheres including professional services, community, social and personal services, and financial services as well. 

However, there was a stark decline in employment in the retail sector which resulted in sluggish growth of jobs overall. While more people got jobs in the construction sector in Singapore, the manufacturing industry saw more contraction for the third quarter in a row. 

Apart from the sluggish growth of jobs, layoffs and firings have declined. The Q2 2019 saw 2,300 retrenchments whereas Q1 2019 saw 3,230 and 2018 3,030. The declines were not particular to just one sector but spread out across manufacturing, services and construction. 

Citizen unemployment

An interesting aspect to note is that the resident and citizen unemployment continues to rise from 3 to 3.1 percent and from 3.2 percent to 3.3 percent, respectively. 

The report which is released on a quarterly basis by the Ministry of Manpower, also urges for companies to manage excess manpower, exercise cost-cutting strategies instead of removing jobs in order to save operational costs. 

The Taskforce for Responsible Retrenchment and Employment Facilitation is in-charge of reaching out to workers who have lost their jobs due to cost-cutting efforts and help them in getting the right job for their skills. 

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Topics: Permanent Recruitment, #GlobalPerspective

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