talent market updateSingapore Q2 2014

reSident unemployment rate 0.1% lower than Q1 2014

2.9% to

2.8%

810fewer redundancieS than in Q1 2014

3.6%more people employed in June 2014 than June 2013

citizen unemployment rate remained unchanged at

3.0%

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.

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

Source: Ministry of Manpower, Singapore

0

20

40

60

80

Sep

201

3

Jun

2013

Dec

201

3

Mar

201

4

Jun

2014

Mar

201

3

Dec

201

2

Sep

201

2

Jun

2012

Mar

201

2

Dec

201

1

Sep

201

1

Jun

2011

Mar

201

1

Dec

201

0

Sep

201

0

Jun

2010

Emp

loym

ent

(000

s)

2.0

2.5

3.0

3.5

4.0

Unm

plo

ymen

t (%

)

Employment Resident unempoymentCitizen unempoyment

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 employment changetotal unemployment rate

Q2

2013

Q3

2013

Q4

2013

Q2

2014

Q1

2014

Q1

2013

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Q2

2013

Q3

2013

Q4

2013

Q2

2014

Q1

2014

Q1

2013

1.6%

1.5%

1.7%

1.8%

1.9%

2.0%

2.1%

2.2%

2.3%

2.4%

2.5%

Q2

2013

Q3

2013

Q4

2013

Q2

2014

Q1

2014

Q1

2013

0

10

20

30

40

50

60

Q2

2013

Q3

2013

Q4

2013

Q2

2014

Q1

2014

Q1

2013

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Q2

2013

Q3

2013

Q4

2013

Q2

2014

Q1

2014

Q1

2013

1.6%

1.5%

1.7%

1.8%

1.9%

2.0%

2.1%

2.2%

2.3%

2.4%

2.5%

Q2

2013

Q3

2013

Q4

2013

Q2

2014

Q1

2014

Q1

2013

0

10

20

30

40

50

60

Q2

2013

Q3

2013

Q4

2013

Q2

2014

Q1

2014

Q1

2013

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Q2

2013

Q3

2013

Q4

2013

Q2

2014

Q1

2014

Q1

2013

1.6%

1.5%

1.7%

1.8%

1.9%

2.0%

2.1%

2.2%

2.3%

2.4%

2.5%

Q2

2013

Q3

2013

Q4

2013

Q2

2014

Q1

2014

Q1

2013

0

10

20

30

40

50

60

Source: Ministry of Manpower, Singapore

4

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

rapid aging Singapore could halt economic growth by 2030: moody’S employment

market wrap

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