MOM Statement on Labour Market Developments
Firms must adapt as pace of local employment growth slows
- The Ministry of Manpower’s Statement on Labour Market Developments sets out the labour market situation in 2014, and outlook for 2015. The key messages of the Statement are:
i. Local workforce growth jumped in the past 2 years to meet labour demand; however, this growth is likely to taper significantly going forward – Local employment growth is expected to slow to an average of 20,000 per annum in the last part of this decade.
ii. Foreign manpower policies will remain tight – It remains crucial for the Singapore economy to restructure towards reducing manpower reliance. Foreign manpower policies will remain tight to ensure that the foreign workforce grows at a sustainable pace.
iii. Given the new normal of slower workforce growth, firms will need to focus on raising the quality of their workforce as a key source of growth, productivity and competitiveness.
- The full MOM Statement on Labour Market Developments is available at MOM Statements, and the Labour Market 2014 report is available on the Ministry of Manpower’s Statistics and Publications webpage.