Updates from the labor market in Singapore

1. talent market update
Singapore Q2 2014
UNEMPLOYMENT STEADY, FEWER REDUNDANCIES / Overall and citizen
unemployment rates remained steady from Q1 to Q2 of 2014, while the
resident unemployment rate improved from 2.9% to 2.8%. Total employment
grew 22,000 roles, down from 28,300 in the first quarter. There were 3.54
million people employed in June, 3.6% more than recorded in the same
month last year.
Resident unemployment rate
0.1% lower than Q1 2014
2.9% to
2.8%
810
fewer redundancies
than in Q1 2014
3.6%
more people employed in
June 2014 than June 2013
Citizen unemployment rate
remained unchanged at
3.0%
read more

2. 2
Seasonally adjusted unemployment rates
remained low from April to June (Q2),
and total and citizen unemployment
rates were unchanged from Q1 at
2.0% and 3.0%, respectively.
The unemployment rate for residents
improved slightly in Q2 from 2.9% to
2.8%. This left 61,300 residents, including
54,800 Singapore citizens, unemployed
in June 2014, seasonally adjusted.
Total employment grew by 22,000 jobs,
representing a slower rate of growth than
in Q1 2014 (28,300) and Q1 2013 (33,700).
The services sector experienced the
highest gains in employment in Q2 2014,
with 20,100 people newly employed in
service roles. The manufacturing sector
lost 2,600 roles, in contrast with its
2,300-role growth in the same quarter
last year. Construction workforce growth
slowed to 4,300 new roles, down from
8,500 in the preceding quarter.
Singapore quarterly employment change and unemployment rates
80
60
40
20
0
Source: Ministry of Manpower, Singapore
Sep 2013
Jun 2013
Dec 2013
Mar 2014
Jun 2014
Mar 2013
Dec 2012
Sep 2012
Jun 2012
Mar 2012
Dec 2011
Sep 2011
Jun 2011
Mar 2011
Dec 2010
Sep 2010
Jun 2010
Employment (000s)
4.0
3.5
3.0
2.5
2.0
Unmployment (%)
Employment Citizen unempoyment Resident unempoyment

3. 3
There were 3,544,200 people employed
in June 2014. This was 3.6% higher than in
the same quarter last year, but lower than
the 4.0% increase recorded in March 2014.
This quarter also saw fewer redundancies
than Q1 – employers reported 810
fewer redundancies between quarters,
and 780 fewer than reported in Q2
2013. This trend was consistent across
all sectors: the service sector saw 1,500
fewer redundancies, a decrease of 65%,
while manufacturing and construction
sectors observed 22% and 13%
fewer redundancies, respectively.
These figures portray a slightly stronger
employment market in Singapore.
However, the Ministry of Trade and
Industry’s announcement that GDP
growth slowed to 2.1% in Q2 means the
employment market may change subtly
in the remaining quarters of 2014.
Redundancies Total unemployment rate Total employment change
Q2 2013
Q3 2013
Q4 2013
Q2 2014
Q1 2014
Q1 2013
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Q2 2013
Q3 2013
Q4 2013
Q2 2014
Q1 2014
Q1 2013
2.5%
2.4%
2.3%
2.2%
2.1%
2.0%
1.9%
1.8%
1.7%
1.6%
1.5%
Q2 2013
Q3 2013
Q4 2013
Q2 2014
Q1 2014
Q1 2013
60
50
40
30
20
10
0
Q2 2013
Q3 2013
Q4 2013
Q2 2014
Q1 2014
Q1 2013
4,500
4,500
4,000
4,000
3,500
3,500
3,000
3,000
2,500
2,500
2,000
2,000
1,500
1,500
1,000
1,000
500
0
Q2 2013
Q3 2013
Q4 2013
Q2 2014
Q1 2014
Q1 2013
2.5%
2.5%
2.4%
2.4%
2.3%
2.3%
2.2%
2.2%
2.1%
2.1%
2.0%
2.0%
1.9%
1.9%
1.8%
1.8%
1.7%
1.7%
1.6%
1.5%
Q2 2013
Q3 2013
Q4 2013
Q2 2014
Q1 2014
Q1 2013
60
50
40
30
20
10
0
Q2 2013
Q3 2013
Q4 2013
Q2 2014
Q1 2014
Q1 2013
500
0
Q2 2013
Q3 2013
Q4 2013
Q2 2014
Q1 2014
Q1 2013
1.6%
1.5%
Q2 2013
Q3 2013
Q4 2013
Q2 2014
Q1 2014
Q1 2013
60
50
40
30
20
10
0
Source: Ministry of Manpower, Singapore

4. 4
Rapid aging Singapore could halt economic growth
by 2030: Moody’s Employment
market wrap
Professional job opportunities across the Asia Pacific region have risen
5% year-on-year.
Highlights:
• Job vacancies rose by 5% between Q2 2013 and Q2 2014
• Job vacancies rose 7% from Q1 2014 to Q2 2014
• Number of candidates actively seeking employment was down 4%
from Q1 2014 to Q2 2014
The Q2 2014 Asia Pacific Employment Monitor recorded a 7%
increase in financial services jobs vacancies – up from 12660 vacancies
in Q1 2014 to 13576 in Q2 2014. Yearly figures also indicate that
hiring continues to move in a positive direction, with job opportunities
up 5% in Q2 2014 compared to the same quarter in 2013, when there
were 12883 roles registered. On the candidate side, the market has
slipped slightly from 34487 job seekers in Q1 to 33033 job seekers
in Q2.
The Financial Services recruitment market in the Asia Pacific region
has shown definite signs of improvement in recent months, largely
driven by a resurgence in front office banking recruitment, changes in
compliance and regulatory demands and standards, organisational
changes and restructuring as well as IT implementations and updates,
particularly in Singapore, Hong Kong and Japan.
Source: Recruitment International
Date: 21 July, 2014
Singapore will be a ‘super-aged’ society in just 15 years.
Singapore’s rosy economic outlook is at risk from the country’s greying
population. A report by Moody’s Investors Service today revealed that
economic growth could come to a standstill in the near future thanks to
the country’s rapidly aging population.
Moody’s report, entitled “Population Aging Will Dampen Economic
Growth over the Next Two Decades”, notes that the unprecedented
pace of aging will impose a demographic tax that will sloweconomic
growth over the next 20 years in both developed and emerging market
economies, as working-age populations shrink and household savings
rates decline.
Singapore is one of the countries that expects the speediest aging, as
growth in working-age population will slow from a robust 48.1% in
2000-15 to a mere 3.8% in 2015-30.
The largest decline in growth is expected in China, Hong Kong, Korea,
and Singapore. Overall, The Conference Board estimates indicate that
aging will lead to aggregate annual growth for the 55 countries falling
by 0.4 pp during 2014-19 and by 0.9 pp during 2020-25 from the
1990-2005 average growth rate of 2.9%.
Source: Singapore Business Review
Date: 7 August, 2014
Professional job opportunities across Asia Pacific
region rise 5% year-on-year
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