SINGAPORE: Singapore's total employment grew by
23,700 in the first quarter of this year, thanks to the healthy
economic expansion. This is according to preliminary estimates
released by the Manpower Ministry on Friday.
Still, the increase is lower than the seasonal high
of 33,900 in the fourth quarter last year and the 36,500 gains in
the first quarter last year.
Last year's strong showing was supported by the
strong hirings arising from the integrated resorts and the recovery
from the 2009 recession.
The bulk of the employment gains in the first quarter or 22,800
jobs came from the services sector. Construction added 1,100
workers, while manufacturing employment declined by 500, lower than
the contraction of 1,200 in the preceding quarter.
In the same period, some 2,600 workers were retrenched and 400 had
their contracts terminated prematurely, resulting in a total of
3,000 workers made redundant. This is compared to 3,190
redundancies in the preceding quarter.
The manufacturing sector reported the largest number of
redundancies affecting 1,600 workers. Services laid off 1,000 and
construction displaced 400 workers.
The overall unemployment rate fell to 1.9 per cent in March 2011
from a seasonally adjusted 2.2 per cent in December 2010,
reflecting the tight labour market here.
"The three-year dip in unemployment signals the tight labour market
shows no signs of abating. Companies will need to ensure they have
robust, planned people strategies to help deal with the
strengthening market, which is proving to be the biggest human
capital challenge currently facing Singapore's economy," said Ms
Karin Clarke, Randstad Regional Director for Singapore &
Malaysia.
Analysts said the services sector has benefited from Singapore's
strong reputation as a regional centre for multinational companies
- with the financial services, oil & gas and healthcare sectors
pushing hiring demand.
"There will be continued competition for talent as companies seek
to employ the best people to drive their business forward in 2011,"
said Ms Clarke.
Among the resident labour force, the unemployment rate declined to
2.7 per cent from a seasonally adjusted 3.1 per cent in the same
period.
Both the overall and resident unemployment rates are the lowest in
three years. An estimated 57,100 residents were unemployed in March
2011 on a seasonally adjusted basis.
-CNA/ac/cc
