According to the latest data published by the Ministry og Manpower (MOM), Singapore, there has been an increase in resident and non-resident employment in the country.
A report carried out by HRD Asia stated that while the growth in the resident employment was marked by the seasonal hiring, the non-resident employment grew after the country began allowing the entry of construction, marine shipyard, and process workers in November. The government also noted that the retrenchment rate saw a remarkable decline over the last year and stood at 7,820 compared to 26,110 in 2020.
As per the data, the overall unemployment rate fell to 2.6% with the resident employment plunging to 3.5%. Commenting on the increase in the employment rate, MOM said in a statement, “At the same time, resident employment continued to grow steadily in outward-oriented sectors such as Information & Communications and Financial Services…With gradual improvement in the unemployment situation throughout the year, the annual unemployment rates showed significant improvement in 2021.”
The ministry further expressed that it expects the labour market to grow in 2022 triggered by the easing out of economic transactions and international travels. However, the recovery to the pre-pandemic level will be uneven across sectors and uncertainty continues to exist pertaining to the repeated waves of the pandemic.