According to MOM, the majority of newly created positions across the economy arose due to business expansion into existing and new functions.
“This reflects the evolving nature of our economy and the accompanying changes in manpower demand,” it said. Overall, the labour market remained tight as openings continued to outnumber job seekers, said the ministry. The report said that, besides strong demand for tech jobs in 2023, job openings for business development and sales professionals rose as establishments sought to expand their businesses and improve the efficiency of their processes.
The report is based on survey responses from 16,800 employers employing more than 2.1 million people in total. They were polled from September to December 2023, with a reference date of Sept 30, 2023. The model refers to a wage ladder pegged to skills and productivity increments in a range of lower-wage sectors and occupations.