14-3-2024 (SINGAPORE) Singapore experienced a substantial boost in total employment in 2023, with a net increase of 88,400 jobs, according to the Ministry of Manpower’s labor market report released on Thursday. The report highlighted that this growth was driven by the addition of 83,500 jobs for non-residents and 4,900 jobs for residents.
The construction and manufacturing sectors played a significant role in providing employment opportunities for non-Singapore residents. On the other hand, the growth in resident employment was predominantly observed in higher-paying sectors, particularly the financial services industry.
As of December 2023, the number of employed individuals in Singapore surpassed 3.7 million, excluding migrant domestic workers, as stated in the report. This signifies a robust workforce contributing to the nation’s economic development and prosperity.
Despite the overall positive employment outlook, the report also shed light on the increase in total retrenchment numbers, which rose to 14,590 in 2023 compared to 6,440 in the previous year. However, it is worth noting that the long-term unemployment rate remained stable at 0.7 percent, indicating a relatively steady job market and a resilient workforce.
