Singapore records fall in foreign worker numbers for first time in 2 years

The contraction in non-resident employment notwithstanding, overall employment in the city state grew by 4,900 in the first quarter – notching the 10th straight month of expansion – although gains slowed from 7,500 in the previous quarter.

Redundancies, or retrenchments as they are known in the city state, fell to 3,000 from 3,460 in the previous three-month period.

Singapore, which sees its economy expanding 1 per cent to 3 per cent this year, expects labour demand to strengthen correspondingly, with the ministry citing surveys showing more companies have intentions to hire in the next three months.

Total unemployment edged up slightly to 2.1 per cent in March, with the jobless rate among citizens and long-term residents inching up to 3 per cent and 3.1 per cent, respectively.

The higher jobless rate last quarter wasn’t unexpected, the ministry said, as higher retrenchments in the second half of 2023 foreshadowed the data.