In the News

Singapore / Jobless Rate at 5-Year Low

Singapore’s jobless rate fell to a five-year low last quarter as companies hired more local workers after the government tightened the inflow of foreign labor.

The seasonally adjusted jobless rate fell to 1.8 percent from 1.9 percent in the third quarter, the Ministry of Manpower said in a statement today. The median estimate of nine economists surveyed by Bloomberg News was for a 1.9 percent rate. The economy added 44,500 jobs last quarter, compared with 26,200 in the previous period.

Prime Minister Lee Hsien Loong has raised foreign-worker levies and salary thresholds as part of measures to reduce the economy’s reliance on overseas labor after the island’s population jumped by more than 1.1 million since mid-2004. The clampdown has led to manpower shortages and rising job vacancies, damping economic growth as companies seeking to expand faced difficulty in hiring.

“Putting the rise in the job vacancy rate that we saw last year plus the foreign manpower tightening that is currently in place, it looks like we could expect the already tight employment conditions to get a little bit tighter,” said Selena Ling, a Singapore-based economist at Oversea-Chinese Banking Corp. “It’s probably going to hit the services side harder.”

Choosen excerpts by Job Market Monitor from

Bloomberg

via Singapore Jobless Rate at 5-Year Low Amid Foreign Worker Curbs – Bloomberg.

Related Posts

Singapore / Retirement and Re-employment Act – Employers are now required to offer re-employment

POSTED BY  ⋅ DECEMBER 4, 2012 ⋅ LEAVE A COMMENT

Since 1 January 2012, the Retirement Age Act (RAA) has been replaced by the Retirement and Re-employment Act (RRA). Like the RAA, the RRA also covers all employees who are Singapore Citizens and Permanent Residents. Under the RRA, the statutory minimum retirement age is still 62, but employers are now required to offer re-employment to … Continue reading »

Singapore | Working age population to contract by over 330,000

POSTED BY  ⋅ NOVEMBER 10, 2012 ⋅ 2 COMMENTS

“The world’s working-age population will increase by over a billion people over the next 20 years, but all growth will come in developing economies while at the same time the developed world will see its workforce shrink and age. In Singapore, the working age population will fall by 338,000 people by 2030.” writes Chris Mead … Continue reading »

The Human Capital Summit in Singapore

POSTED BY  ⋅ OCTOBER 22, 2012 ⋅ LEAVE A COMMENT

“Last week I spoke with Karen Cariss, CEO of PageUp People, after she attended the recent Human Capital Summit in Singapore” writes Sylvia Vorhauser-Smith. (Choosen excerpts by JMM to follow) How similar or different are the human capital issues business is discussing in Asia Pacific’s high growth markets to those in the U.S., Europe or … Continue reading »

Discussion

One thought on “Singapore / Jobless Rate at 5-Year Low

  1. Great news for Singapore locals. Hopefully, more locals will get decent jobs this year 🙂

    Posted by Singapore Jobs | February 7, 2013, 11:31 am

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Jobs – Offres d’emploi – US & Canada (Eng. & Fr.)

The Most Popular Job Search Tools

Even More Objectives Statements to customize

Cover Letters – Tools, Tips and Free Cover Letter Templates for Microsoft Office

Follow Job Market Monitor on WordPress.com

Enter your email address to follow this blog and receive notifications of new posts by email.

Follow Job Market Monitor via Twitter

Categories

Archives

%d bloggers like this: