But layoffs up in last quarter, reflecting economic slowdown
Posted at A Singapore Press Holdings on Feb 1, 2012
As demand for labour last year clearly exceeds the growth of the local workforce, which was 36,600, there is a need to improve productivity and restructure the economy up the value chain, says Mr Tan Chuan-Jin. — PHOTO: JOSEPH NAIR FOR THE STRAITS TIMES
By Cai Haoxiang
Singapore created 121,300 jobs last year and it caused the unemployment rate to fall to 2 per cent, a 14-year low.
This put a further squeeze on the already-tight labour market and as a result, two out of every three new jobs went to foreigners.
Overall, the number of foreign workers rose by almost 85,000, including 5,000 maids, according to preliminary Ministry of Manpower figures released on Tuesday.
Explaining the continued reliance on foreign workers, Minister of State for Manpower Tan Chuan-Jin said in a blog post that a ‘significant proportion’ of the demand came from the construction sector, which added 22,200 jobs compared to 3,400 in 2010.
