Office workers in the central business district of Singapore. , resident employment rose again as Singapore's labour market continued to expand in the third quarter of 2024, according to the Ministry of Manpower's latest report released on Monday .Total employment grew by 22,300 in the third quarter, nearly double what was recorded in the preceding quarter, MOM data showed.
Non-resident employment was primarily driven by the growth of work permit holders in construction and manufacturing. The ministry, however, noted that there remains more job openings than the number of unemployed people, with a ratio of 1.39 in September. The start of year-end festivities is expected to give a further boost to labour demand, it added.
“Similar to the trends observed for retrenchments, the number of workers placed on short work-week or temporary layoffs also stayed low at 480, reflecting the overall positive business sentiments and confidence,” said MOM. MOM also noted that for 2025, MTI forecast the economy to grow by 1 per cent to 3 per cent in 2025, as the growth outlook of manufacturing and outward-oriented service sectors remains positive.
“Hence, complementing our local workforce with skilled foreign workers is essential to sustain Singapore economic competitiveness and growth, so as to create more opportunities for locals,” said MOM.