A review of the Singapore job market in 2015

The Ministry of Manpower released preliminary information on how the Singapore job market fared in 2015.

Here are the highlights:

  1. In 2015 there was a slower period of growth in overall employment, after reaching exceptionally high levels during 2014. Total employment increased by 0.9 percent in 2015, which is the lowest year-on-year growth Singapore has experienced since 2003.
  2. Growth in foreign employment has continually slowed down since 2011.
  3. Both resident and citizen unemployment levels continue to stay low.
  4. The median income for Singaporean citizens has maintained a sustained growth.

After a High Growth Rate in 2014, Local Employment Rates Have Flattened

In 2015, local employment experienced a marginal increase, estimated at 100, which was very low in comparison to the strong growth of 96,000 in 2014.

This was due to the large exit of casual workers in the Retail Trade industry, as well a as slowdown in other sectors such as Real Estate Services and Manufacturing.


Since 2011, Growth of Foreign Employment Has Slowed

Growing at a moderate pace in 2015 (2 percent, excluding foreign domestic workers), the increase is only slightly lower than levels seen in 2014, but significantly lower than those of 2011 and 2013.

The Services sector led growth in foreign employment:

  • Information and Communications sector was responsible for the bulk of growth for Employment Pass holders.
  • Other sectors, such as Construction, and Transport & Storage, helped growth for Work Permit Holders.

Unemployment Stayed Low

Overall, the seasonally adjusted unemployment rate dipped slightly from 2.0 percent in September 2015 to 1.9 percent in December 2015.

Additionally, unemployment rates improved among citizens (3.1 percent to 3.0 percent) and residents (3.0 percent to 2.9 percent).

When looking at the annual average of unemployment rates in 2015, it barely changed since 2011 in the categories of residents (2.8 percent), citizens (2.9 percent) and overall (1.9 percent).


Overall, Singapore Experienced Broad-Based Income Growth

Nominal median monthly income for full-time employed citizens rose by a full 6.5 percent (or 7.0 percent in real terms).

Income growth has been decent over the years. Full-time employees saw a rise of 32 percent in nominal terms from 2010 to 2015.


More Business Restructuring & Redundancies

In the fourth quarter of 2015, company redundancies rose.

Due to this, 4,200 workers were laid off during the quarter, which was higher than both the previous quarter (3,460), and the fourth quarter of 2014 (3,910).

During the entire year there were 14,400 displacements and many of the layoffs occurred in the Manufacturing & Services industry.


singapore job market full year review 2015

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