Singapore’s Job Market Gains Positions

job market

job market

Singapore’s job market continued to recover in 2023, with an increase in the number of newly generated opportunities. According to the Ministry of Manpower’s (MOM) most recent Job Vacancies report, nearly half (47.3%) of all job opportunities were for new positions, the highest proportion since data gathering began in 2018. The figure increased from the 38.7% recorded in 2022.

MOM stated that the majority of these newly generated occupations were the result of corporate development into both existing and new functions, demonstrating the economy’s dynamic character and related changes in worker demands. The ministry emphasized the significance of ongoing upskilling and reskilling for personnel to fulfill the requirements of these new positions, and the government has offered support for this effort.

The change to a higher proportion of newly generated posts contrasts with the previous year, when the share fell below 40%, owing mostly to pandemic-induced vacancies that required backfilling. The MOM spokeswoman ascribed this to border restrictions, which resulted in a higher number of replacements than newly generated roles.

Related link: Malaysian Job Applications Doubled With Higher Singapore Dollar

In line with the changing employment market, Singapore’s job vacancies for professionals, managers, executives, and technicians (PMETs) increased to 57.2% in 2023, up from 56% in 2022. MOM attributed the increase to higher demand for qualified workers, particularly in technology and communications, financial services, and health and social services.

Despite the restructuring and layoffs that occurred in the technology sector, tech-focused positions remained in great demand. Positions such as software, web, and multimedia developers continued to dominate PMET job openings, with emerging sectors such as AI gaining popularity among employers.

The research also examined salary trends, suggesting that the minimum pay offered for various professions has increased since the previous year. According to The Business Times, businesses were willing to pay at least S$5,000 (US$3,716) for software, web, and multimedia developers in 2023, up from S$4,200 (US$3,122) in 2022.

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