The Singapore economy rebounded by 7.6 per cent in 2021 after contracting by 4.1 per cent in 2020. Employment (excluding foreign domestic workers) grew by 41,400 in 2021 as compared to a decline of 166,600 in 2020. Unemployment and retrenchment were also down.
- The Singapore economy should continue to grow and the labour market situation would tighten. While downside risks like the Russia-Ukraine conflict would inhibit economic growth in the near term, the longer term challenge is manpower. Hence, the tripartite partners have been working together to tackle manpower challenges to sustain growth.
Keep Manpower Lean
- First, we are helping employers to become manpower lean. Employers should leverage technology to redesign jobs to free up manpower resources and be productive. The Productivity Solutions Grant can support employers in this journey. Workers could also benefit from redesigned jobs that would provide higher wages.
Keep Workers Relevant
- However, these jobs would require new or higher skills. Workers would need to embrace upskilling and reskilling to take on these jobs. Employers also have a role to play to ensure that their workers’ skills remain relevant. Therefore, the Singapore National Employers Federation (SNEF) strongly supports the National Trades Union Congress (NTUC) in forming more Company Training Committees to partner employers in training workers to meet their skill demand.
Keep Labour Market Open
- Third, due to slower local workforce growth, Singapore’s labour market needs to remain open to foreigners who can complement and supplement our local workforce. Employers need access to foreign manpower to address skill shortages and gaps to keep our economy as one of the most competitive in the world.
- Nonetheless, employers should tap on Government schemes like SGUnited Mid-career Pathways programme and Singapore Global Executive Programme to boost their efforts in developing a Singaporean core to strengthen and retain their core capabilities here.
Conclusion
- Every worker matters in Singapore. SNEF and our tripartite partners endeavour to make workplaces more progressive and inclusive so that various groups of workers, including older workers, lower-wage workers and PMEs, can have better jobs, better wages and better prospects.
- This would enable Singapore to maintain our competitiveness and workplace harmony to sustain economic growth for a brighter future for all.
- On behalf of employers, I wish all workers a Happy May Day!
