In accordance to the newest Labour Market Advance Launch for This autumn of 2023, simply revealed by the Ministry of Manpower, practically 1/third, or 32.6 per cent, of Singapore’s employers are planning to raise wages in the approaching 12 months.

This is a major soar from simply 18 per cent in the earlier quarter and the 2nd highest price recorded in the previous three years.

Evidently after a cautious 2023, with some even anticipating a recession (which, happily, hadn’t materialised) the spirits are up for 2024.

Bettering financial efficiency was definitely recorded in the two.eight per cent soar in GDP in the ultimate quarter of final 12 months and forecasts for the approaching 12 months place progress of the Singaporean economic system between 1 and three per cent.

Moreover paying more, a barely increased proportion of employers than in September are expressing an intent to rent as properly:

It might appear significantly decrease than in current years, however these inflated figures adopted the pandemic, with 1000’s of openings nonetheless ready to be stuffed. Immediately, the economic system is back to full employment, so the necessity to rent new workers is significantly diminished.

Nonetheless, half of all employers are on the lookout for expertise, so that you shouldn’t be starved for alternatives.

Lowest unemployment in a decade

Preliminary knowledge reveals that unemployment charges dipped in 2023 beneath pre-pandemic ranges and are the bottom since round 2014:

In follow, it signifies that nearly no person who seeks employment is out of a job in Singapore.

And it’s hardly a shock, contemplating that the general pandemic drop of 166,600 jobs in 2020 has since been absolutely recouped, with one other ca. 200,000 added on prime between 2021 and 2023.

Whereas the online employment change is now anticipated to decelerate considerably, given the saturation of the labour market, it is nonetheless sure to be optimistic in 2024 given the excessive variety of vacancies, which in September of 2023 nonetheless amounted to practically 80,000.

In the meantime, Financial Improvement Board has simply reported that Singapore acquired $12.7 billion in overseas fastened asset investments final 12 months, which are anticipated to create over 20,000 new jobs as soon as they are accomplished.

This is excellent news each for these on the lookout for new alternatives as properly as everyone hoping for a raise since elevated hiring competitors applies even more strain on employers (who are already complaining about expertise crunch) to preserve their workers joyful, lest they select to soar ship.

As lengthy as you retain your expertise up to date, you shouldn’t be involved about employment — or aggressive pay — in Singapore anytime quickly.