Singapore’s labour market continued to grow in Q2 2024, backed by strong gains in non-resident employment, a stable unemployment rate, and a shift in demand toward skills-first hiring.
Although economic uncertainties persisted globally, the domestic employment landscape demonstrated remarkable stability, a clear sign of resilience and structural transformation.
Here’s what the Q2 numbers reveal about hiring, job vacancies, and workforce trends.
Job Vacancies Remain Elevated
Unemployment and Retrenchments
| Overall 2.0% unemployment rate | Residents 2.7% unemployment rate |
| Citizens 2.7% unemployment rate | Retrenchments 3,270 workers (up from 3,000 in Q1) |
Re-employment Slows
• 55.0% of retrenched workers found a new job within 6 months
• Down from 59.4% in Q1 — a signal of more competitive or niche job requirements
📌 Re-entry was especially difficult for:
• Non-degree holders
• Workers in administrative or clerical roles
Labour Turnover and Hours Worked
🔮 What This Means for the Labour Market
With a stable hiring environment, high vacancy ratios, and more employers focusing on skills-based recruitment, Singapore’s Q2 2024 labour market reflects an evolving economy where:
• Employers want agility and specialised skills
• Job seekers must focus on upskilling and adaptability
• Sectors like finance, ICT, and healthcare are leading job creation
