29 June 2019
Fresh graduates in Singapore are finding it more difficult to secure permanent, full-time employment. Job vacancies also dropped for the first time in two years, leading economists to believe this marks a turn in the employment cycle, with the labour market turning soft.
Additionally, in Singapore, retrenchments rose in the first quarter of the year as the manufacturing sector shed staff. The latest retrenchments hit mainly production and related workers from electronics, the Ministry of Manpower (MOM) said in its latest labour market report.
Professionals, managers, executives and technicians (PMETs) continued to make up most of the retrenched residents, at 69 per cent.
Maybank Kim Eng economist Chua Hak Bin said he expects firms to be more cautious in hiring for this year. “Employment growth will likely slow, while manufacturing employment will likely remain in contraction for the rest of the year,” he said, citing the US tariff hike last month and its toll on supply chains.