Singapore (VNA) – The Singaporean labour market continued to improve in the second quarter of 2022, with total employment reaching 99.5% of the level in December 2019, before the COVID-19 pandemic, said the country's Ministry of Manpower's (MOM) Labour Market Report on September 14.
Total employment in the second quarter increased by 66,500, which was significantly higher than the 42,000 increase in the first quarter.
In the second quarter alone, resident employment rose by 7,100, while non-resident employment increased by 59,400.
External demand outlook has also weakened given the global economic slowdown. Global headwinds such as the Russia-Ukraine conflict, inflationary pressures, geopolitical tensions in the region, and the trajectory of the COVID-19 pandemic may weigh on labour demand going forward, MOM said.
"As such, the labour market outlook is uneven across sectors," it said.
Tourism and aviation sectors are expected to continue to benefit from a strong recovery in air passengers and international visitor arrivals.
Demand in consumer-facing sectors, such as food and beverages services, should also remain robust with the easing of domestic and border restrictions, said MOM.
But growth in outward-oriented sectors like finance and insurance services is expected to slow due to the global headwinds.
With heightened economic uncertainty ahead, Singapore encourages businesses to press on with transformation, increase labour productivity and diversify their non-resident workforce. Businesses should also strengthen their Singaporean core through reskilling and offering flexible work arrangements to tap on more workforce segments, according to MOM./.
Total employment in the second quarter increased by 66,500, which was significantly higher than the 42,000 increase in the first quarter.
In the second quarter alone, resident employment rose by 7,100, while non-resident employment increased by 59,400.
External demand outlook has also weakened given the global economic slowdown. Global headwinds such as the Russia-Ukraine conflict, inflationary pressures, geopolitical tensions in the region, and the trajectory of the COVID-19 pandemic may weigh on labour demand going forward, MOM said.
"As such, the labour market outlook is uneven across sectors," it said.
Tourism and aviation sectors are expected to continue to benefit from a strong recovery in air passengers and international visitor arrivals.
Demand in consumer-facing sectors, such as food and beverages services, should also remain robust with the easing of domestic and border restrictions, said MOM.
But growth in outward-oriented sectors like finance and insurance services is expected to slow due to the global headwinds.
With heightened economic uncertainty ahead, Singapore encourages businesses to press on with transformation, increase labour productivity and diversify their non-resident workforce. Businesses should also strengthen their Singaporean core through reskilling and offering flexible work arrangements to tap on more workforce segments, according to MOM./.
VNA
