SINGAPORE: Total employment fell considerably much less within the third quarter of 2021, primarily as a result of employment has “risen sharply”, introduced the Ministry of Labor (MOM) in its newest labor market report.
The resident workforce elevated by 19,100 whereas the non-resident workforce decreased by 21,500, just like the second quarter. In whole, employment fell by 2,400, in comparison with 16,300 within the earlier quarter.
The continued border restrictions contributed to the continued decline in non-resident employment in most industries, MOM mentioned.
The labor market restoration stays blended, with resident employment progress lagging behind within the client and tourism sectors. These embrace sectors similar to meals and beverage companies, arts, leisure and leisure, lodging and retail.
Sectors wherein extra individuals have been employed included data and communication companies, skilled companies and monetary companies, and administrative and assist companies, and well being and social companies.
Regardless of the continued enchancment, the resident long-term unemployment charge stays above pre-COVID-19 ranges, MOM mentioned.
The seasonally adjusted total unemployment charge fell farther from August to September by 0.1 share factors to 2.6 p.c. The annual common unemployment charge was 2.3 p.c in 2019.
The unemployment charge for residents is now 3.5 p.c, whereas the unemployment charge for residents is 3.7 p.c. The resident long-term unemployment charge rose from 0.9 p.c in June to 1.2 p.c in September 2021.
RESTORING AIR TRANSPORT
Fewer staff have been additionally used for short-time work or non permanent layoffs, particularly 4,060 in comparison with 5,580 within the earlier quarter. However the quantity stays above pre-pandemic ranges.
“Notably, there was a major decline within the variety of aviation and assist staff who’ve been on short-time or non permanent layoffs, and we see this as a optimistic transfer for a lot of the yr given the journey restrictions the trade is affected by,” mentioned Mr Aubeck Kam, everlasting secretary of MOM.
“We subsequently count on a gradual decline within the variety of staff with shorter working weeks or layoffs.”
The layoffs decreased to 1,900 within the third quarter from 2,340 within the second quarter. This interprets right into a lower in layoffs to 1.1 per 1,000 staff from 1.3 per 1,000.
The six-month re-entry charge amongst laid-off residents was 66 p.c, in comparison with 64 p.c. This is identical charge as within the first quarter of the yr.
The variety of job vacancies continued to rise from 92,100 in June 2021 to 98,700 in September 2021, though the tempo of progress has slowed.
JOB OFFERS HIGH
As jobseekers fell, so too did the vacancy-to-unemployed ratio, with 209 vacancies for each 100 unemployed in September, up from 163 in June. The ratio of job vacancies to unemployed was final above two in 1997, MOM mentioned.
Mr Kam attributed this to 2 components: continued demand for labor in some progress sectors and a major decline within the variety of work allow holders.
There was demand in progress sectors similar to skilled companies, monetary companies, data and communication, and well being and social companies, wherein the variety of residents has elevated on the identical time.
Occupations in demand embrace software program, internet and multimedia builders, programs analysts, gross sales managers in business and advertising and marketing, accountants and nurses.
“Now we have seen giant will increase in retirement employment in these sectors,” he mentioned.
Nonetheless, since border restrictions nonetheless restrict the inflow of international staff, see Sect38 p.c of all job vacancies have been in sectors the place the variety of work allow holders has declined considerably, particularly manufacturing, building, meals and beverage companies, and administrative and assist companies.
The job emptiness and job-to-unemployment ratio is predicted to stay excessive till the border restrictions are lifted.
RECOVERY IS EXPECTED TO CONTINUE UNTIL 2022
Along with the forecast financial progress, the labor market is predicted to proceed on its restoration path for the rest of 2021 and into subsequent yr, albeit inconsistently throughout sectors.
MOM expects the labor market to tighten as border restrictions proceed to limit the influx of staff from overseas.
“The federal government and our tripartite companions will proceed to assist employers to speed up the tempo of transformation, appeal to fewer staff and strengthen their native workforce,” the ministry mentioned.