The Ministry of Labor (MOM) reported that more frugal Singaporeans were able to find employment quickly in the first quarter of this year.
The percentage of re-employed Singaporeans and permanent residents who found a new job within 6 months reached 71.5% in the first quarter, the highest ever seen in 2015. This is an increase from 66.8% in the fourth quarter of last year.
In a first-quarter labor market report released Friday (June 17), MOM said trends varied by age, education and occupation.
Improvements were mainly observed among middle-aged workers in their 40s and 50s, workers in production and related roles, and workers with lower qualifications than secondary school.
For example, eight in ten production and transportation operators, cleaners, and workers found jobs within six months in the first quarter, from less than seven in ten in the previous quarter.
Professional, managerial, executive, and technical (PMET) jobs showed a gradual increase from 64.4% to 69%, but clerical, sales, and service jobs found jobs in six months. The percentage of workers in the company is 4 percentage points from the previous quarter.
Approximately 8 out of 10 workers between the ages of 40 and 49 were rehired within 6 months, from less than 7 out of 10 in the previous quarter.
On the other hand, the long-term unemployment rate of residents, who have an unemployment rate of 25 weeks or more, has declined overall in March for the second consecutive quarter since September last year.
This trend was reflected in almost all age groups and education levels, except for workers aged 50-59.
MOM said recruitment and resignation rates for PMET workers are still below record highs, but are rising.
“By industry, turnover rates for telecommunications, financial services, health and social services, transportation and storage, and accommodation were high,” the ministry said.
The report also highlights that first-quarter cuts fell to a record low of 1,320, or six for every 10,000 employees.
However, these overall improvements do not take into account the layoffs that attracted attention from various technologies and cryptocurrency companies such as Coinbase, Shopee, Crypto.com and Tesla earlier this month.
Cryptocurrency exchange Coinbase cut 18% of its workforce worldwide on Tuesday, or 1,100. This includes 5% of Singapore staff.
The move follows a similar exercise by Crypto.com, which fired 260 workers last Friday, and headcount reductions at e-commerce giant Shopee in Europe, South America and Southeast Asia.