GOOD JOBS

The Ministry of Manpower in Singapore have released figures showing unemployment reached a 14-year low in the country last year. Early estimates suggest total employment has grown by 121,300 across the year, including an increase of 36,300 in the fourth quarter alone. The year has been better than 2010 when growth stood at 115,000 jobs.

Interestingly, local employment grew less last year than in the previous year. Only 36,600 jobs were accounted for in this way compared with 56,200 in 2010. Foreign employment on the other hand saw strong demand and increased by 79,800 compared with 54,400 in the previous year. In the final month of the year the workforce in Singapore was split 67.2 per cent locals and 32.8 per cent foreign workers, the latter figure showing a slight increase from 31.4 per the previous year.

Sector-wise the best performance was seen in the services sector (gaining 95,100 jobs over the year) with construction achieving 22,200 more jobs boosted by public projects, and manufacturing growing by 2,900 jobs.

Randstad Regional Director for Singapore and Malaysia, Ms Karin Clarke commented: “There is still a shortage of talent across the board as companies look to hire experienced skilled staff. This is reflected in the 2.2 per cent increase in employment for professionals, managers, executives and technicians (PMETs) compared with 1.5 per cent increase for non-PMETs which Ranstad is seeing with our clients.”

Income has also grown across the board in the country with the median income of workers increasing and even low-income employees experiencing real income growth over the past five years. Those in full-time employment saw their salary rise by 6.3 per cent. After adjustments for inflation, real income growth reached one per cent in 2011 compared with 2.2 per cent in 2010.

One slight worry in still the number of lay-offs which increased significantly in the final quarter of the year. A total of 3,600 workers lost their jobs at this time compared with 1,960 in the previous quarter. The hope must be that this trend does not continue into 2012.

Karin Clarke also notes trends in the age of workers suggesting that employers are welcoming the older generation into their organisations. “The number of those aged 25-64 years in employment rose significantly from 77.1 per cent in 2010 to 78 per cent in 2011,” she says. “Singapore has been successful in encouraging older workers to stay in the workforce (an increase from 59 per cent to 61.2 per cent in 2011). Together with the increase in female participation in the workforce (71.7 per cent to 73 per cent year-on-year), Singapore companies today have access to a wider pool of diversified talent that is skilled, educated and experienced.”