Labour Market Report First Quarter 2022, 17 Jun
– The labour market continued to improve on all fronts in 1Q 2022. Resident employment has grown beyond pre-pandemic levels. Unemployment rates continued to trend down to pre-pandemic levels.
– Relatedly, job vacancies increased to a new high, though the rate of increase has slowed. With the significant relaxation of border restrictions, the non-resident workforce is expected to continue to recover, which will alleviate labour shortages in the months ahead. The Government will continue to support our firms to strengthen local hiring and pursue transformation, so as to remain competitive.
– The main findings highlighted in the report were as follows:
• Resident employment exceeded pre-pandemic levels, but total employment remained below pre-COVID levels due to non-residents;
• Unemployment rates stayed low, and resident long-term unemployment rate improved;
• Retrenchments fell to a record low;
• Job vacancies rose to a new high; and
• Recruitment and resignation rates held steady.
[For more details: https://go.gov.sg/25eojx]
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