Singapore’s labour market hit a new stride in Q3 2024, posting its highest quarterly employment gain of the year — despite signs of softening global demand and ongoing business transformation.
With both resident and non-resident employment on the rise, but job vacancies dipping, the story is one of cautious optimism, strategic hiring, and increasing focus on skills-based employment.
📊 Key Highlights from Q3 2024
🔹 1. Employment Grows Sharply
• +22,300 jobs added (excluding MDWs) — nearly double Q2’s +11,300
• Residents: +4,000 jobs
• Non-residents: +18,200 jobs (mostly Work Permit holders in Construction and Manufacturing)
🏢 Growth sectors:
• Information & Communications
• Financial & Insurance Services
• Professional Services
📉 Sectors with declining employment:
• F&B Services
• Retail
• Administrative Support Services
🔹 2. Unemployment Stays Low
• Overall unemployment: 1.9%
• Resident unemployment: 2.6%
• Citizen unemployment: 2.7%
🔺 Small upticks among:
• Youth under 30: 5.4% (up from 4.9%)
• Mid-career workers in their 40s: 2.4% (up from 2.0%)
⏱️ Long-term unemployment stable at 0.8%
🔹 3. Retrenchments Decline Again
• Total: 3,050 (down from Q2)
• Primary reason: Business restructuring
• Most affected: PMET roles (managers, executives, professionals)
This suggests ongoing economic transformation, with companies realigning roles rather than downsizing outright.
🔹 4. Re-Employment Improves
• 60.4% of retrenched residents found new jobs within 6 months
📈 Up from 55.0% in Q2
Top re-entry success among:
• Workers aged 40–59
• Professionals transitioning into adjacent sectors
🔹 5. Job Vacancies Normalize
• Vacancies fell to 63,400 in September 2024 (from 81,200 in June)
• However, the labour market remains tight:
• 1.39 job vacancies per unemployed person
📢 Sectors still hiring strongly:
• ICT
• Healthcare
• Financial Services
• Engineering & Technical Services
🔹 6. Labour Turnover Trends
• Recruitment rate: 1.9%
• Resignation rate: 1.3% (workers staying longer in roles)
• Paid working hours: 43.3 hours/week (record low)
• Paid OT hours: 2.1 hours/week
These figures reflect a shift toward leaner, more productive workforces, aided by tech and process optimization.
🔮 Outlook: Where We’re Headed
With Singapore’s economy growing 5.4% year-on-year in Q3, MOM expects continued strength in:
• Employment growth
• Real wage increases
• Better job matching and upskilling outcomes
However, as job vacancies gradually return to pre-pandemic levels, the emphasis will increasingly fall on:
• Skills relevance
• Agile employment models
• Inclusive hiring practices
📎 Source
