Job vacancies hit 6-year high with 47.3% surge in Singapore’s labour market

SINGAPORE: Singapore’s labour market witnessed a remarkable surge in job vacancies, reaching a six-year-high in 2023, with vacancies soaring by 47.3%.

The Ministry of Manpower released data indicating that the proportion of newly created positions rose significantly to 47.3% in 2023, compared to 41.8% in 2018, underscoring the economy’s evolving needs. In particular, the demand for Professionals, Managers, Executives, and Technicians positions surged to 57.2% in 2023, up from 39.2% in 2013, with a notable emphasis on roles within the technology sector.

Employers demonstrated a growing preference for skilled workers, as evidenced by 74.9% of vacancies prioritizing relevant experience and skills over academic qualifications in 2023, compared to 67.1% in 2017.Efforts to address the shortage in non-PMET jobs have yielded positive results, with the proportion of unfilled vacancies for at least six months declining to 23.5% in 2023.

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