Singapore – Unemployment at 1.9%, a result of forcing organisations to consider more locals for employment

Unemployment in Singapore remained low in December, with more locals employed while the growth of foreign workers continued to moderate, the Manpower Ministry (MOM) said on Friday (Jan 30). 

The overall seasonally adjusted unemployment rate was at 1.9 per cent for the month, while the resident unemployment rate fell to 2.6 per cent from 2.8 per cent, and the citizen unemployment rate fell to 2.6 per cent from 2.9 per cent.

Local employment grew faster in 2014, clocking a 14.5 per cent increase from the previous year across all sectors, and close to a 62 per cent jump from 2012, as Singapore hires reached a peak in the past decade.

Foreign worker growth meanwhile continued to decline. In 2014, the rate of foreign worker employment dipped by about 36 per cent.

Said Mr Michael Smith, Country Manager of recruitment agency Randstad: “The local rise in employment is a result of the Fair Consideration Framework, which is forcing organisations to consider more locals for employment here. I think this is an encouraging sign for Singaporeans, although we still need to be mindful of the increases in productivity that come with that.”

Chosen excerpts by Job Market Monitor. Read the whole story at Unemployment low at 1.9%; more locals employed in December – Channel NewsAsia.