SINGAPORE: In the second quarter of 2024, Singapore’s labor market continued to grow, with the increase attributed entirely to non-residents, according to data released on September 17.
Manpower Minister Tan See Leng noted that resident employment growth is likely to slow in the long term.
Total employment rose by 11,300 in Q2, significantly up from 4,700 in the first quarter, as reported by the Ministry of Manpower (MOM).
While resident employment declined by 600, non-resident employment increased by 12,000, representing the entire growth in Q2.
Overall, total employment in the first half of 2024 rose by 16,000, with gains in both resident and non-resident sectors.
The increase in non-resident employment was mainly due to more work permit holders in construction and manufacturing, particularly in lower-skilled positions that residents are less inclined to fill, according to MOM.
Resident employment saw seasonal drops in retail trade and administrative services, largely due to the termination of temporary workers hired for sales and other roles. However, there were gains in sectors like financial services, information and communications, and professional services.
MOM anticipates that these sectors, along with events like the Formula 1 Singapore Grand Prix and year-end celebrations, will support future growth in resident employment.