Singapore’s labour market continued to expand in 2024 due to strong economic performance and positive business sentiments, though it faces more risks in 2025 from global uncertainties and trade tensions.
Here’s what you need to know from the latest shifts in this entry-level industry landscape:
🔹 Employment Market Outlook
- In 2024, the number of employed residents – Singapore citizens and permanent residents (PR) – grew by 8,800, reversing the decline of 4,600 in the previous year.
- The resident unemployment rate increased from 2.8% in December 2024 to 2.9% between January to March 2025.
- The citizen unemployment rate held steady at 3.1% in March compared to February, it was higher than the 2.9% recorded in December 2024.
- The number of retrenchments fell to 3,300 in 1Q 2025, down from 3,680 in 4Q 2024.
- Total employment continued to grow in 1Q 2025, but the increase (2,300) was lower than the seasonal increase in 4Q 2024 (7,700) and the growth in 1Q 2024 (3,200).
- Of the 12,500 fresh graduates in the labour force polled in the 2024 Joint Autonomous Universities Graduate Employment Survey, 87.1% were employed within six months of completing their final exams, dropping from 89.6% in 2023.
- Among those who found employment in 2024, 79.5% secured a full-time job, a decline from 84.1% the year before.
🔹 Labour Market Challenges
- There was a dip in graduates who secured a full-time job, with the figure falling from 96.2% in 2023 to 94.4% in 2024.
- With the rise of digital work and higher salary demands from Singaporeans, the fresh graduates and professionals of all ages are facing stiff competition from regional talent.
- Many graduates are increasingly turning to short-term options such as internships, traineeships or contract positions in the absence of full-time offers.
- 6.8% out of 10,900 fresh graduates were unemployed and still looking for a job, which was more than 2022’s figure of 3.6% of the cohort.
- Recent graduates may face more difficulty securing full-time positions due to cyclical conditions that have likely made employers more cautious in hiring.
🔹 Adapting to change
- Many employers are increasingly favouring fixed-term contracts over full-time permanent ones, particularly for entry-level candidates entering the workforce.
- New hires are offered a one-year ‘Step-Up Programme’ contract, which may be converted to a full-time position depending on individual performance and company conditions.
- To better prepare for evolving workforce needs, employers can leverage the Support for Job Redesign under the Productivity Solutions Grant (PSG-JR) to redesign jobs in anticipation of change and make them more productive and attractive to job seekers.
(Insights driven from resources: The Straits Times, CNA, Ministry of Manpower (MOM))
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