Singapore's annual job growth to stabilize at new, but lower base: minister

Singapore's Minister for Manpower Lim Swee Say on Wednesday said annual job growth in the city state will stabilize at a new and lower base, and the country aims to create about 25,000 to 40,000 jobs per year for the next three to five years.

Minister Lim's comments came after the Ministry of Manpower (MOM) published the "Job Vacanies 2016" report Tuesday.

According to local media report, Lim noticed the number of jobs created in recent two years has decreased when compared with that in the past because of economic restructuring and an ageing workforce. Lim said the number of jobs will stabilize at a new base, saying "the days of 100,000 to 120,000 jobs a year" have gone.

Meanwhile, he stressed more need to be done if Singapore wants to succeed in keeping the unemployment rate at a controllable level; and it is important to keep improving the quality of jobs.

In the newly released report, Manpower Research and Statistics Department of MOM found that nearly half of all job vacancies were for professionals, managers, executives and technicians (PMETs) as of Sept. 30, 2016.

The PMET share of job openings has steadily increased from 39 percent in 2013 to 48 percent last year. The report revealed the increase in PMET vacancies was mainly from financial and insurance services, professional services and information and communications; however, there was a decline in the non-PMET vacancies, mainly in accommodation and food services, construction, wholesale and retail trade and manufacturing.

Related to the findings of the report, Lim also outlined the priorities of MOM in 2017 during the sideline of a job fair held Wednesday.

The minister said MOM will strengthen professional conversion programs to help facilitate career conversions for mid-level employees, try to be more inclusive to all segments of the workforce, as well as maximize matching between jobseekers and job vacancies.

Singapore government has ramped up programs such as SkillsFuture, Adapt and Grow initiatives to support employees to strengthen their capabilities.