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MOM Report: Labour Market Third Quarter 2021

April 13, 2022

This quarterly release analyses the labour market situation. In this comprehensive report, topics covered include unemployment, employment, retrenchment, re-entry into employment, job vacancy, working arrangements, labour turnover and hours worked.

KEY INSIGHTS

The labour market performed better in 3Q 2021 than in 2Q 2021.  As Singapore moves into the “transition phase” and travel / dining restrictions ease, labour market recovery is expected to continue.​​

  1. Reflecting the gradual economic recovery, resident employment grew more strongly and unemployment rates continued their steady decline.
  2. Retrenchments eased and fewer employees placed on short work-week or temporary layoff. The re-entry rate among retrenched residents improved.
  3. However, there is increasing tightness in the labour market as demand for manpower rose in several industries.  There were manpower shortages in Construction and Manufacturing due to on-going border restrictions; sustained demand in growth sectors such as Professional Services, Financial Services, Information & Communications, and Health & Social Services; and emerging demand from Food & Beverage Services, Air Transport & Supporting Services, and Retail Trade as travel and dining restrictions were gradually relaxed.
  4. There are emerging structural challenges, as the uneven recovery across sectors could mean some displaced workers (in particular older and less-educated workers) face greater challenges finding work. Consequently, the ​resident long-term unemployment rate remained elevated compared to pre-COVID periods.  ​

Click here to read the full report.