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Labour Market Advance Release - Third Quarter 2024

Statistics and publications
Overview

1. Based on advance estimates, the labour market continued to expand in the third quarter of 2024 (3Q 2024), in line with the sustained economic growth during this same period1. Total employment2 rose, with increases coming from both residents and non-residents, while unemployment rates and retrenchments remained low. Employment is expected to continue to expand in the next quarter, amid a tight3 labour market.

Main Findings4

Total employment growth more than doubled in 3Q 2024, with increases from both residents and non-residents

2. Total employment increased by 24,100 in 3Q 2024, more than double the growth of 11,300 in 2Q 2024, as both resident and non-resident employment rose at a faster pace in 3Q 2024 compared to 2Q 2024.

3. Resident employment continued to increase in growth sectors such as Information & Communications, Professional Services, and Health & Social Services, indicating a steady supply of quality jobs and favourable employment prospects for resident workers. While slight resident employment declines were observed in Food & Beverage Services and Retail Trade, we anticipate resident employment in these sectors to pick up in the final quarter of the year as businesses typically increase hiring in preparation for the festive season.

4. Similar to 2Q 2024, majority of the non-resident employment increase in 3Q 2024 came from Work Permit Holders (WPHs) in non-PMET roles such as jobs in the Construction, Manufacturing, and Administrative and Support Services (e.g. Security and Cleaning & Landscaping) sectors. There are generally not enough resident workers for such roles, and businesses need to bring in WPHs to meet the manpower shortage. Employment among higher-skilled pass types was stable in 3Q 2024.

Unemployment rates remained low

5. Unemployment rates remained low in September 2024. The overall unemployment rate dipped to 1.8% in September (from 1.9% in August), while the rates for residents and citizens remained unchanged at 2.6% and 2.7% respectively.

Number of retrenchments declined

6. The number of retrenchments declined from 3,270 in 2Q 2024 to 2,900 in 3Q 2024. Retrenchments decreased or remained stable across sectors, with business reorganisation / restructuring remaining the top reason for retrenchments in 3Q 2024.

Conclusion

7. Overall, advance estimates indicate an expanding labour market in 3Q 2024, with low levels of unemployment and retrenchments. While there was a decline in hiring and wage expectations among companies5 for 4Q 2024 – reflecting ongoing uncertainty in export-oriented sectors – we expect employment to continue to expand in the next quarter, and the labour market to remain tight. This outlook is supported by an upward revision to the GDP growth forecast6 and anticipated year-end hiring for the festive period.

8. To remain competitive and resilient amid prevailing economic and global uncertainties, the Government encourages employers and workers to press on with transformation. A variety of programmes is available to support both employers and workers:

a. The Government calls on employers to make full use of available resources and programmes to remain competitive. Workforce Singapore (WSG) has worked with sector agencies to launch 17 Job Transformation Maps (JTMs) which provide actionable insights on the impact of technology and automation on businesses and jobs. The JTMs serve as a useful compass for employers to prepare themselves for the future of work. Employers can also tap on the Support for Job Redesign under Productivity Solutions Grant to redesign jobs, and on SkillsFuture training subsidies to equip their workers with the necessary skills for these new jobs.

b. The Government will empower Singaporean workers to take charge of their career health and navigate changes in the economy and jobs. Workers can make use of the CareersFinder feature on WSG’s MyCareersFuture job portal, which harnesses data and artificial intelligence, to explore career options that make use of their skills and experience, and pathways to reach their career goals. Workers can also tap on career coaching and guidance services provided by WSG and NTUC’s Employment and Employability Institute.

c. As businesses restructure and job requirements shift, we will help workers to reskill for new jobs. The Career Conversion Programmes (CCPs), which support mid-career workers in 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 who are being reskilled to take on growth jobs.

9. The Labour Market Report Third Quarter 2024, due for release in mid-December 2024, will provide a comprehensive assessment and more details of the labour market situation in 3Q 2024. This will include resident and non-resident employment breakdowns7, sectoral data, number of job vacancies, labour turnover, and re-entry rates among retrenched residents.

For More Information

10. The full report is available online on the Ministry of Manpower’s Research and Statistics Department website at stats.mom.gov.sg/.

11. For data requests and queries pertaining to the report, please reach out to the Ministry of Manpower’s Research and Statistics Department at mom_rsd@mom.gov.sg.

 

FOOTNOTE

  1. Source: Release on Advance GDP Estimates for 3rd Quarter 2024, Ministry of Trade & Industry (MTI).
  2. Employment figures cited in this press release exclude Migrant Domestic Workers.
  3. Unemployment rates have remained low over the past months, and the number of job vacancies continued to exceed the number of unemployed persons.
  4. 3Q 2024 data are preliminary.
  5. In September 2024, 43.2% of firms reported an intention to hire in the next three months (a decline from 49.4% seen in June). Additionally, the proportion of firms with an intention to raise wages in the next three months fell from 28.6% to 15.6%.
  6. According to MTI, Singapore’s GDP growth forecast for 2024 has been narrowed to 2–3%, from the original 1–3%.
  7. As per MOM’s usual practice, we will not publish resident and non-resident quarterly employment change figures in the Labour Market Advance Release, since these numbers are only preliminary.