Based on advance estimates from the Ministry of Manpower (MOM), Singapore’s labour market continued to expand in the third quarter of 2024. This is in line with sustained economic growth during this same period, according to estimates by the Ministry of Trade and Industry.
In addition, total employment has risen while unemployment rates and retrenchments remained low.
Looking towards the last quarter of 2024, MOM believes that employment will continue to expand.
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What are the growth sectors which show strong hiring trends?
The report also revealed that more Singaporeans were hired in these growth sectors:
- Information & Communications
- Professional Services
- Health & Social Services
In the third quarter of this year, there was also growth in the first two sectors, with the addition of financial and insurance services showing more jobs being filled.
This indicates a steady supply of quality jobs and favourable employment prospects for Singaporeans.
Slight employment declines were observed in these sectors in the same duration:
- Food & Beverage Services
- Retail Trade
However, employment in these sectors is anticipated to pick up in the final quarter of 2024 as businesses typically increase hiring in preparation for the festive season.
Keeping Singaporeans competitive
MOM also highlighted three key government initiatives helping employers and workers remain competitive and resilient amid “prevailing economic and global uncertainties”.
Job and Industry Transformation Maps
Workforce Singapore (WSG) has worked with sector agencies to launch 17 Job Transformation Maps (JTMs), which provide actionable insights into the impact of technology and automation on businesses and jobs.
They are grouped into six clusters (Manufacturing, Built Environment, Trade and Connectivity, Essential Domestic Services, Modern Services and Lifestyle).
These JTMs aim to enhance productivity, foster innovation, develop skills, and support businesses in internationalisation.
The JTMs serve as a valuable compass for employers to prepare themselves for the future of work. Employers can also tap on the Support for Job Redesign under the Productivity Solutions Grant to redesign jobs and SkillsFuture training subsidies to equip their workers with the necessary skills for these new jobs.
23 sectors, which cover about 80% of our economy, were also targeted for transformation via Industry Transformation Maps.
According to the most recent Singapore Public Sector Outcomes Review (SPOR), published biennially by the Ministry of Finance (MOF) in November 2024, the progress of these transformational efforts has been encouraging, with improved labour productivity helping to increase wages for Singaporean workers.
In fact, between 2016 and 2023, the real median gross monthly income of full-time employed residents working in JTM sectors increased by 1.9% annually.
(Image Credit: SPOR)
CareersFinder on WSG’s MyCareersFuture
Workers can use the CareersFinder feature on WSG’s MyCareersFuture job portal, which harnesses data and artificial intelligence to explore career options that use their skills, experience, and pathways to reach their career goals.
Workers can also tap into career coaching and guidance services provided by WSG and NTUC’s Employment and Employability Institute.
As of June 2024, more than 35,000 individuals have used CareersFinder.
(Image Credit: SPOR)
Career Conversion Programmes (CCPs)
The Career Conversion Programmes (CCPs), which support mid-career workers undergoing industry-recognised training, have been enhanced to provide greater salary support.
Since 1 April 2024, the salary support caps for CCPs have been increased to $7,500 for mature or long-term unemployed workers and $5,000 for other workers.
In addition, the eligibility criteria have been expanded beyond workers in at-risk roles to cover all workers being reskilled to take on growth jobs.
The SPOR report added: “To raise Singapore’s competitiveness, we invested in our local workforce to take charge of their career health and seize opportunities to upskill and reskill to remain relevant.”
It revealed that in 2023, 23,000 businesses (a 15% increase from 2022) sent more than 220,000 employees for training programmes supported by SkillsFuture Singapore, primarily to raise digital capabilities and to help meet business regulatory requirements in the Digital, Care and Green economies.
Through SkillsFuture courses, businesses had access to nearly 5,000 courses in 2023 for short-form, just-in-time training in emerging skills.
