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Although Singapore’s unemployment edged up slightly in March this year, job openings in the first quarter outnumber job seekers.
According to the Ministry of Manpower’ s (MOM) Labour Market, First Quarter 2014 report, this could be a result of more local residents – particularly those who are less educated – being encouraged to enter the labour force and being presented with opportunities and higher wages, as well as the tightening of foreign manpower.
In the first quarter of this year, total employment grew by 28,300, bringing total employment to 3,552,200 in March 2014. This is 4% higher than a year ago.
At 3,110, fewer workers were also made redundant in Q1 2014 compared to the preceding quarter, although it was slightly higher than Q1 2013 (2,120).
The long term employment rate in Singapore also remained low at 0.6% this quarter. As of March 2014, there were 12,900 residents who have been looking for work for at least 25 weeks, a dip from 13,700 in March 2013.
The first quarter of this year is also the third consecutive quarter the number of job openings have increased.
MOM reported the seasonally adjusted ratio of job vacancies to unemployed persons declined from 1.43 in December 2013 to 1.33 in March 2014.
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