SINGAPORE: The labour market continued to expand in the first quarter of 2024, although at a slower pace compared to preceding quarters, the Ministry of Manpower said on Tuesday .
Excluding migrant domestic workers, total employment grew by 4,900 in the first three months of this year. This is lower than the growth of 7,500 reported in the fourth quarter of 2023. The increase in resident employment was mainly attributable to growth in the financial services, health and social services, and public administration and education sectors.
The dependency ratio ceiling refers to the maximum ratio of foreign workers to the total workforce that a company in a given sector can employ.Related:RETRENCHMENTS DOWN, UNEMPLOYMENT RATES UP IN MARCH As of March, overall unemployment stood at 2.1 per cent; resident unemployment at 3 per cent; and citizen unemployment at 3.1 per cent.
"However, wage improvements could slow, as the proportion of firms with an intention to raise wages declined from 32.6 per cent to 26.1 per cent," MOM added.
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