Singapore’s unemployment rate stayed low and trended down over the pastfour quarters as the labour market remained tight, according to thecountry’s Ministry of Manpower (MOM).
The MOM reported that the rate dropped to 1.8 percent in March 2015 from 1.9 percent in the end of 2014.
The employment in March 2015 grew by 2.9 percent, bringing the totalnumber of persons in employment to over 3.6 million, said the ministry,adding that the vacancies continued to outnumber jobseekers.
About 3,500 workers were made redundant in the first quarter of thisyear, fewer than in the preceding quarter at 3,910, but slightly higherthan the first quarter of 2014, said the MOM.
Singaporean Minister of Manpower Tan Chuan-Jin held that the figures areearly signs of the slowing growth of the local labour force as babyboomers start to retire and smaller cohorts of young Singaporeans jointhe workforce.
At the same time, foreign workforce’sgrowth slowed down, forcing companies to operate with fewer workers andredesign jobs to increase the productivity, investing in skillsdeepening and technology, and finding new manpower-lean models ofbusiness to grow their top-line, he said.
TanChuan-Jin also warned that fluctuations will happen as the economystructures and redundancies increase from time to time, but whencompanies stay competitive and viable, they will continue to generategood opportunities for Singaporeans.-VNA
The MOM reported that the rate dropped to 1.8 percent in March 2015 from 1.9 percent in the end of 2014.
The employment in March 2015 grew by 2.9 percent, bringing the totalnumber of persons in employment to over 3.6 million, said the ministry,adding that the vacancies continued to outnumber jobseekers.
About 3,500 workers were made redundant in the first quarter of thisyear, fewer than in the preceding quarter at 3,910, but slightly higherthan the first quarter of 2014, said the MOM.
Singaporean Minister of Manpower Tan Chuan-Jin held that the figures areearly signs of the slowing growth of the local labour force as babyboomers start to retire and smaller cohorts of young Singaporeans jointhe workforce.
At the same time, foreign workforce’sgrowth slowed down, forcing companies to operate with fewer workers andredesign jobs to increase the productivity, investing in skillsdeepening and technology, and finding new manpower-lean models ofbusiness to grow their top-line, he said.
TanChuan-Jin also warned that fluctuations will happen as the economystructures and redundancies increase from time to time, but whencompanies stay competitive and viable, they will continue to generategood opportunities for Singaporeans.-VNA
