Singapore Resident Employment Rebounded in 2024

More Found Jobs But Layoffs Rose in Q4 and the Year-on-Year Job Vacancy Ratio Dipped

- Tay Hong Yi

Singapore's labour market continued to expand in 2024 on the back of strong economic performance and positive business sentiments, though it faces more risks in 2025 from global uncertainties and trade tensions.

There were also indications in the final quarter of 2024 of more challenges for the job market—as quarterly retrenchments ticked up and the year-on-year job vacancy ratio dipped.

For the whole of 2024, the number of employed residents—meaning Singapore citizens and permanent residents—grew by 8,800, reversing the decline of 4,600 over the previous year, the Ministry of Manpower (MOM) said on March 19 in its fourth-quarter labour market report.

Singapore citizens make up the overwhelming majority—around 85 per cent—of residents here.

Even as more residents found jobs, the labour market remained tight though it moderated over the course of 2024, MOM said.

There were 1.64 vacancies for every unemployed person in December 2024. The ratio is up from 1.32 in September, but lower than the 1.76 posted in December 2023.

The number of job vacancies rose from 61,500 in September to 77,500 in December as well.

About 70 per cent of the vacancies were for jobs typically filled by residents. These roles include financial analysts, financial and investment advisers, software developers and management consultants, according to Mr Ang Boon Heng, director of MOM's manpower research and statistics department.

"It suggests to us that these residents are filling in the higher-skilled and higher-paying jobs," Mr Ang told reporters in a March 19 meeting.

The number of employed foreigners grew by a net 35,700 in 2024, slowing down to less than half the pace of 83,500 in 2023.