Singapore's employment population increased by 57,300 last year, with the labor market expanding for 17 consecutive quarters

Singapore's employment population increased by 57,300 last year, significantly higher than the 44,500 in 2024; among them, 19,600 were added in the fourth quarter, marking the labor market's expansion for the 17th consecutive quarter. However, the number of layoffs for the year also rose to 14,400, which is 1,380 more than in 2024. The growth in employment population mainly came from the financial services sector, as well as the healthcare and social services sector; the increase in non-resident employment was driven by the construction industry, primarily composed of work permit holders.

The local unemployment rate remained stable overall and at a low level. In December last year, the overall unemployment rate was 2%, the resident unemployment rate was 2.9%, and the citizen unemployment rate was 3%. Compared to September last year, the overall unemployment rate remained unchanged, the resident unemployment rate increased by 0.1 percentage points, while the citizen unemployment rate decreased by 0.1 percentage points. For the entire year, the overall unemployment rate was 2%, the resident rate was 2.8%, and the citizen rate was 3%, which is roughly the same as in the past two years