Latest government data reveals 'continued tightness' in Singapore's labour market
Job vacancies in Singapore rebounded in the last quarter of 2024 as indicators show continued tightness in the country's labour market.
Singapore's Labour Market Report for the fourth quarter of 2024 revealed that there were 77,500 job vacancies in December 2024, up from the previous 61,500 in the September quarter.
"About 70% of the vacancies were for jobs typically filled by residents, for example, in Professional Services, Information & Communications, Financial & Insurance Services and Health & Social Services," the report stated.
Meanwhile, the ratio of job vacancies to unemployed persons also reached 1.64 in December 2024, up from 1.32 in September.
This shows "continued tightness in the labour market," according to the report, as released by the Ministry of Manpower (MOM).
Despite the last quarter rebound, the annual number of vacancies in Singapore continued its decline from 2022, according to MOM.
Overall job vacancies were down to 75,500 in 2024, lower than the previous 85,800 in 2023, and 115,000 in 2022.
The job vacancy rate was also down to 3.1% in 2024 from the previous 3.7% a year prior. The job vacancy to unemployed person ratio also dipped to 1.56 from 1.87 in 2023.
According to the latest MOM data, the public administration and education sector saw the biggest number of job vacancies, with 8,700 openings. This was followed by:
The findings come amid a cautious hiring outlook among employers in the latest data from MOM.
Only 40.5% of employers indicated plans to hire in the next three months, according to MOM's Labour Market Advance Release for the first quarter of 2025.
