Singapore’s job market thrives - Will 2025 see soaring wages or economic headwinds? Singapore News -

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SINGAPORE: Singapore’s labour market is set to thrive in 2025, particularly in the manufacturing and services sectors, according to a new report by RHB featured by theThe Ministry of Manpower has reve

aled that employment surged by 24,100 positions in the third quarter of 2024, while theThis robust hiring trend is expected to continue in the fourth quarter, especially in the services industry, fuelled by the festive season and positive

Despite a generally optimistic outlook, RHB cautioned that geopolitical tensions, protectionist measures, and unforeseen global events could pose risks to this trajectory.Lawrence Wong announces GST hike to proceed as planned, netizens expressed dismay — 'GST increase is akin to adding oil to fire'has seen an unprecedented boom, fuelled by a global push for electronic components essential for artificial intelligence and Internet of Things technologies.

This heightened demand is expected to drive companies to offer competitive salaries in a bid to attract and retain top talent. With unemployment rates hovering around historic lows—1.8% as reported by thein Q3 2024—workers are in a stronger position to negotiate better pay, suggesting a positive outlook for wage growth.Moreover, protectionist policies globally could limit Singapore’s ability to engage in free trade, which is vital for an economy so dependent on exports.

As Singapore gears up for 2025, the combination of a resilient job market and favourable economic indicators signals a promising future for both employers and employees alike. Likewise, as businesses and policymakers strategize for the future, the coming year will be crucial in shaping the trajectory of both wages and the broader economy.

 

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