Singapore Labour Market Trends: Employment Growth Slows in 2024
- Vivian Tay
- Apr 16, 2025
- 1 min read
Updated: Jun 16, 2025
Employment Growth Slows in 2024
Labour Market Report Q4 2024
19 March 2025 – MOM
Employment Growth Slows in 2024 - Singapore's labour market saw an increase of 44,500 jobs, a slower growth compared to 78,800 in 2023. Resident employment grew by 8,800, with notable gains in high-skilled sectors such as Financial Services, Health, and Information & Communications. However, industries like F&B and Administrative Services experienced declines. Non-resident employment grew by 35,700, mostly among blue-collar Work Permit holders.
Unemployment rates remained stable, with the overall rate at 1.9%, resident at 2.8%, and citizen at 2.9%. Retrenchments increased slightly in the fourth quarter but were fewer than in the previous year, with a total of 13,020 retrenchments in 2024 compared to 14,590 in 2023.
Job vacancies surged to 77,500 in December 2024, with 70% of these roles filled by residents. Looking ahead, the labour market is expected to continue its expansion, with employers planning to raise wages and headcount in early 2025.
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