The Ministry of Manpower released it’s yearly report, with details on how the Singapore job market fared in 2013.
- The unemployment rate remained low amid the tight Singapore job market. The seasonally-adjusted citizen unemployment rate was low at 2.8% in December 2013, slightly lower than the 2.9% in December 2012.
- Total employment growth remained high in 2013 at 4.2% (or 131,300), similar to the increase of 4.2% (or 125,800) in 2012. The increase in total employment in 2013 was driven mainly by a strong increase in local employment.
- Local employment growth was stronger at 4.0% (82,900) in 2013, compared to 2.9% (58,700) in 2012, as firms tried harder to bring economically inactive residents back into employment amidst curbs on foreign employment growth. This was reflected in the increase in employment rates of older residents and female residents. Overall, the bulk of the growth in local employment were in the Services sector (77,100), led by the Community, Social & Personal Services, Professional Services, Admin & Support Services and Food & Beverage Services industries.
- As economic restructuring efforts continued, 11,560 workers were laid off in 2013, slightly higher than 11,010 in 2012. The increase in layoffs stemmed mainly from Electronics and the Construction sector.
- The real median monthly income increased (including employer CPF contributions) for full-time employed citizens by 4.6% in 2013.
All-in-all not a bad year for the Singapore job market.
Amit Puri - Managing Consultant, Sandbox Advisors
Amit is an experienced career, business and HR professional. Previously, he has worked with organisations such as Bain & Company, Morgan Stanley and Citigroup. Amit has advanced degrees/qualifications in Career Counselling, Organisational Psychology & HR, Occupational Psychometrics, Career/Life Coaching & Business.