THE Singapore worker's star is shining: wages are higher,
bonuses are bigger, a record number of jobs have been created and
the jobless queue is shorter.
It is a dazzling show powered by the steady growth in the country's
economy. And it is expected to continue.
Recruitment firms and economists interviewed on the latest figures
from the Ministry of Manpower (MOM) foresee the labour market
staying on an upward trend.
'At least for the next 12 months,' said Nanyang Technological
University labour economist Chew Soon Beng.
Part of the reason for his optimism is rising property prices and
the building of the two Integrated Resorts.
The labour report released yesterday shows that 43,000 jobs were
created in the three months to September.
This brings the total number of new jobs in the first nine months
of this year to a record 124,500 - the highest since the
compilation of data began in the late 1970s.
The bulk are in the services sector, followed by
manufacturing.
Looking ahead, the picture continues to be positive as many
companies expect employment to increase in the last quarter of this
year, said MOM, citing recent government surveys.
Among these, the makers of biomedical products and financial
services companies are the most bullish.
Confirming this, Ms Annie Yap of recruitment firm GMP Group said
companies were 'not just replacing the usual staff turnover, but
are recruiting to grow'.
The MOM report also showed a drop in both unemployment and
retrenchment.
The jobless rate among residents fell to 3.6per cent in September,
from 4.2per cent a year ago and the high of 6per cent three years
ago.
The proportion of unemployed workers who have been job hunting for
more than six weeks, shrank to 0.7per cent in September, a six-year
low.
National University of Singapore labour economist Park Cheolsung
said this indicated that economic growth 'has a positive effect
even on the unskilled workers'.
Wages continue to rise. On average, monthly earnings rose 3.2per
cent in the first nine months, against 3.9per cent for the same
period last year and 8per cent during the 2000 economic boom.
But MOM expects year-end payouts to be higher this year, as 'more
employers seek to reward their employees through bonuses rather
than basic salary'.
This is also the expectation of union leaders.
National Trades Union Congress president John de Payva said on
Wednesday that companies were likely to pay an average of two to
three months' bonus this year.
But the gap between the wage increases of skilled and unskilled
workers remains - a point MOM also noted.
It said the overall rise in monthly earnings 'has so far been
moderate, as globalisation continues to exert downward pressure on
the wages of the lower-skilled'.
(Straits Times 16 Dec)
