Local employment up, foreign labour growth slows with tighter controls
Local employment grew faster in 2012, while the growth in foreign workers slowed with tighter government controls.
That's according to the Manpower Ministry's employment report for the year.
59,200 more local jobs were created in 2012.
That's higher than the gains of 37,900 in 2011.
Foreign employment, on the other hand, grew by 70,400.
That's down from 84,800 gains in 2011.
There were more layoffs in 2012, however, from the impact of economic slowdown and restructuring.
But with high job creation, overall unemployment rate stayed low at 2 per cent overall, and 3 per cent for citizens.
Analysts say it's a period of change for the Singapore workforce.
Apart from government controls, external market forces are raising the cost of foreign workers, and limiting their supply too.
The UniSIM Business School's Associate Professor Randolph Tan.
"Singapore is not the only one competing for foreign manpower, Singapore will be one of many countries whose economies will be powered by talent beyond its borders. And as we compete for foreign manpower with other countries, we'll have to pay more if we want to attract the better ones."
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