The Ministry of Manpower MOM said in its 2021 Labour Market Report on Monday that the labour market recovery will continue this year, with employment gaining momentum, and hiring and job vacancies going up in 2021, with unemployment rates dipping to near pre-pandemic levels.
The ministry warned that higher downside risks in the global outlook could weigh on the pace of recovery.
We expect the labour market to improve in 2022, but events in recent weeks have increased the downside risks and will affect the pace of recovery, said MoM permanent secretary Aubeck Kam at a briefing on Monday morning.
The average unemployment rate fell from 3 per cent to 2.7 per cent, with the resident unemployment rate decreasing from 4.1 per cent to 3.5 per cent.
The unemployment rate is now 3.7 per cent, down from 4.2 per cent. In January 2022, unemployment rates fell to around December 2019 levels, according to MOM.