THE number of job vacancies in Singapore hit a four-year high of 50,200 in September this year, reflecting the buoyant state of the economy.
It is a 36 per cent rise over the 36,900 openings the previous September, when Singapore was recovering from a recession.
Preliminary figures released on Thursday by the Ministry of Manpower show the vast majority (76 per cent) of the vacancies are in the services sector, a situation economists attribute to the sector being the top creator of jobs this year.
In contrast, job openings in manufacturing totalled 8,300 (17 per cent) and in construction, 3,300 (7 per cent).
The hunger for workers is especially acute in the hotel, retail and financial services industries, noted Citigroup economist Kit Wei Zheng. While the services sector is bulging with job openings, employers have found it hard to fill them as a result of government measures restricting the inflow of foreign workers, he said.
Barclays Capital economist Leong Wai Ho suggested that companies focus on retraining their workers to take on more work: 'They should also look at ways to recruit more older workers and also contract workers.'
The Straits Times
Dec 24, 2010
Dec 16, 2010
Levy changes to encourage hiring of local workers
Employers are hiring more older workers and economically inactive women following changes to the foreign worker levy scheme which were announced during the Budget in February.
The levy changes kicked in in stages from July this year till July 2012 to give companies time to adjust and invest in measures to boost productivity.
Speaking to Channel NewsAsia, Singapore National Employers Federation Chief, Stephen Lee, said companies are now looking for better quality and better trained foreign workers, not just for more workers. This also leads to more older workers and women being hired.
"The good news is that the labour participation rate is at an all time high of 77 percent. And one of the contributors of this is more older workers are working and more women are working. It shows that companies are tapping into older workers and the economically inactive women," said Singapore National Employers Federation Chief, Stephen Lee.
Meanwhile, Manpower Minister Gan Kim Yong said that the move to raise foreign worker levy was also aimed at getting employers to hire local workers.
"Other than raising the levy, we have also adjusted the levy tiers so as to encourage the employers to have as low a reliance on foreign workers as possible. We have also over time, raised the entry bar for foreign workers. We have enhanced the requirements for training, experience as well as types of jobs to qualify for skilled workers and S pass," said Mr Gan.
As for high value added, export oriented sectors which need foreign workers, Mr Gan added that these employers will have to pay more.
"For sectors and companies that do need certain foreign talents and foreign workers because their job is very high valued they are export oriented and they have to complete globally, they will continue to have access because we have not adjusted the dependency ratio.
"However, there is a cost to the society and to the nation in employing foreign workers and so they have to bear a higher cost and a higher tier of levy with a tighter dependency ratio if they were to move up the reliance."
Mr Gan said this allows companies flexibility to hire foreign workers but demand is kept in check with a pricing mechanism.
- Channel News Asia
The levy changes kicked in in stages from July this year till July 2012 to give companies time to adjust and invest in measures to boost productivity.
Speaking to Channel NewsAsia, Singapore National Employers Federation Chief, Stephen Lee, said companies are now looking for better quality and better trained foreign workers, not just for more workers. This also leads to more older workers and women being hired.
"The good news is that the labour participation rate is at an all time high of 77 percent. And one of the contributors of this is more older workers are working and more women are working. It shows that companies are tapping into older workers and the economically inactive women," said Singapore National Employers Federation Chief, Stephen Lee.
Meanwhile, Manpower Minister Gan Kim Yong said that the move to raise foreign worker levy was also aimed at getting employers to hire local workers.
"Other than raising the levy, we have also adjusted the levy tiers so as to encourage the employers to have as low a reliance on foreign workers as possible. We have also over time, raised the entry bar for foreign workers. We have enhanced the requirements for training, experience as well as types of jobs to qualify for skilled workers and S pass," said Mr Gan.
As for high value added, export oriented sectors which need foreign workers, Mr Gan added that these employers will have to pay more.
"For sectors and companies that do need certain foreign talents and foreign workers because their job is very high valued they are export oriented and they have to complete globally, they will continue to have access because we have not adjusted the dependency ratio.
"However, there is a cost to the society and to the nation in employing foreign workers and so they have to bear a higher cost and a higher tier of levy with a tighter dependency ratio if they were to move up the reliance."
Mr Gan said this allows companies flexibility to hire foreign workers but demand is kept in check with a pricing mechanism.
- Channel News Asia
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