Third quarter status of this year
Singapore saw layoffs in the third quarter of the year.
It is worth noting that layoffs were at record lows in the previous quarter.
Meanwhile, job openings also declined in the July-September quarter for the second consecutive quarter.
As a result, the overall staff shortage has decreased slightly. The Ministry of Manpower released the final report of the 3rd quarter labor market yesterday. Manpower Minister Tan Chee Leng commented on it on Facebook.
He noted that although the demand for labor remains high, geopolitical conditions and high inflation globally will have an impact on the future labor market.
Singapore saw 1,120 layoffs in the 3rd quarter of this year.
This figure was down from a record 830 in the previous quarter. However, the Ministry said that layoffs in the 3rd quarter were lower compared to the pre-Covid-19 situation.
Technology companies lost most of their jobs. The number of employees affected by layoffs at these companies increased from 110 to 460.
Job opportunities in this sector are constantly increasing.
Considering this, it is revealed that more people are facing layoffs as a result of organizational restructuring in this sector.
Major tech companies are downsizing locally and globally.
Other than the technical sector, layoffs were less. The main reason for this is reorganization or restructuring of institutions.
The proportion of Singaporeans affected by downsizing fell to 64.8%.
The number of employees hired to work fewer days per week or temporarily laid off was 600 in the 2nd quarter.
It increased to 920 in the 3rd quarter.
However, the 3rd quarter volume was lower compared to the pre-corona situation.
Total jobs were 126,100 last June. This number fell to 108,200 in September. This is the 2nd consecutive quarter of decline.
Due to this the overall labor shortage has decreased a little.
Due to this, the ratio between the unemployed and the job opportunities has come down a little. However, employment opportunities remained significantly higher than in 2019.
Employment opportunities were more in the manufacturing and construction sectors. The ministry said there were job opportunities in the fields of communication, financial services, professional services, health and social services.