Labour Market & Jobseeker Support in Singapore

Monitoring the labour market and employment trends has been a key indicator of Singapore’s economic growth, as tracked by the Ministry of Manpower. As of the second quarter of 2024, the labour market has shown signs of improvement, with overall employment growth more than doubling compared to the first quarter. Additionally, the ratio of job vacancies to unemployed persons has increased to 1.67, indicating a more favourable employment landscape.

For more detailed statistics on the labour market, further information can be found here.

However, there has been a slight uptick in retrenchment rates since the first quarter, possibly due to business restructuring or organisational changes. Despite this, the Government remains committed to strengthening the labour market and supporting both employers and job seekers.

SkillsFuture Jobseeker Support Scheme

During the National Day Rally 2024, Prime Minister Lawrence Wong introduced several new initiatives designed to assist the Singaporean workforce. One of the notable programs highlighted was the SkillsFuture Jobseeker Support (JS) Scheme.

This scheme aims to alleviate the financial burden on unemployed individuals by providing temporary financial assistance of up to S$6,000 over a six-month period. This support enables job seekers to take the necessary time to find a suitable position that aligns with their skills and career aspirations.

To qualify for the SkillsFuture Jobseeker Support Scheme, applicants must meet the following criteria:

• Previously earned an average monthly income of S$5,000 or less
• Been employed for at least six months within the twelve months prior to applying for the scheme

 Further details on eligibility and the payouts can be accessed here.

How Your Company Can Contribute

Businesses have a crucial role to play in supporting Singapore’s labour market and economic growth. One way your company can contribute is by broadening its talent pool to include mid-career switchers. Hiring individuals making a career transition can bring unique advantages to your business, such as a diverse range of skills and perspectives, as well as eligibility for government grants.

For more insights into the benefits of hiring mid-career switchers, click the image below.