SINGAPORE – The number of Singapore residents with jobs increased in the third quarter of this year, as employment growth more than doubled and layoffs declined.

Singapore’s total employment growth between July and September rose to 24,100 from 11,300 in the second quarter, according to preliminary labor market data released on Oct 29.

The Ministry of Manpower (MOM) said the resumption of growth came from both residents – Singaporeans and PR – as well as non-residents.

At the same time, the number of layoffs in the third quarter decreased by 11.3 percent to 2,900 from 3,270 in the second quarter.

MOM noted that these reduction figures have declined or remained stable across all sectors. Company restructuring remained the main reason for layoffs.

The ministry also found that unemployment rates across the board remained low in September. The unemployment rate for Singaporeans and residents remained unchanged at 2.7 percent and 2.6 percent for July, August and September respectively.

The overall rate fell from 1.9 percent – ​​for July and August – to 1.8 percent in September. The figures are within the range reflected in the non-recessionary years of 2015 to 2019, MOM said.

“While there have been lower hiring and wage expectations across businesses for the fourth quarter of 2024 – reflecting continued uncertainty in export-oriented sectors – we expect l Employment continues to grow in the next quarter and the labor market remains tight. » he said.

“This outlook is supported by an upward revision of GDP (gross domestic product) growth forecasts and by the hiring expected at the end of the year for the holiday season.”

Preliminary data shows that the increase in growth sectors for resident workers is due to a steady supply of quality jobs and favorable employment prospects for resident workers. Growing sectors include information and communications, professional services, and health and social services.

“While slight declines in resident employment were seen in food services and retail trade, we expect resident employment in these sectors to recover in the final quarter of the year as companies typically increase hiring in anticipation of the holiday season,” MOM said.

It said non-resident employment growth came from work permit holders working in non-PMET (professional, managerial, executive and technical) roles, such as those in construction, manufacturing and administrative and support services.

“There are generally not enough resident workers for such roles, and companies must rely on work permit holders to meet the labor shortage,” the ministry said, adding that employment among higher-skilled pass types was stable over the same period.