Singapore witnessed a significant growth in total employment in 2023, with 88,400 jobs created. The Ministry of Manpower’s labor market report revealed that 83,500 of these jobs were for non-residents, while 4,900 were for residents. The non-residents found employment mainly in the construction and manufacturing sectors, while residents saw growth in higher-paying sectors like financial services.
The report also indicated that the number of employed persons in Singapore surpassed 3.7 million by December 2023, excluding migrant domestic workers. However, despite the overall positive trend in employment, the total retrenchment numbers in 2023 increased to 14,590 from 6,440 in 2022. On a positive note, the long-term unemployment rate remained steady at 0.7 per cent.
As Singapore continues to navigate the challenges brought about by the COVID-19 pandemic, the labor market’s dynamics are evolving. The government’s focus on sustaining job creation and supporting residents in securing quality employment remains crucial in ensuring the country’s economic resilience and stability in the years to come.
