Singapore Job 2024: Are you Searching for job opportunities in Singapore and want to know about the Singapore Job Market in 2024? After listening, You may be surprised that Globally qualified workers are attracted to Singapore’s flexible job environment for various sectors. Key sectors, changing employment trends, and government efforts to maintain a competitive and sustainable workforce drive the market.
Due to technological advances, economic growth, and sector trends, the Singapore job market is set to change this year. Understanding the latest trends and skills will help you make career decisions and prosper in this changing world.
This article will discuss how the pandemic has affected Singapore’s job market. Current situation and 2024 Singapore Job Trends and Skills in Demand Career Expert advice and FAQs are below.
Singapore Job Market in 2024
Singapore Job Market in 2023-24 Ground Report
According to the Ministry of Manpower (MOM) Report of Singapore New Job Market in 2023-24 Ground Report is given below
The MOM reports that Singapore’s job market has recovered from the Covid-19 pandemic.
The Singapore labour market improved significantly in 2023 compared to 2022, with total employment rising by an unprecedented 226,700, 2.9% above pre-pandemic levels.
December 2022 had low residential and long-term unemployment. Total reductions in 2022 were minimal compared to pre-pandemic years despite late-year sector retrenchments.
Local workers who were laid off found new jobs quickly, with 73.1% finding work in the fourth quarter of 2022, the highest rate since 2015.
According to the Ministry of Manpower (MOM) Report
From an industry standpoint, more locals were hired in the following sectors:
Communication & info: Aviation and tourist-related sectors like air transport and hotels are likely to profit from the recovery in air travel and inbound tourism, especially after China relaxed border restrictions.
Due to the worldwide economic recession, manufacturing growth could be better. In 2023, MOM expects slow employment growth and uneven across sectors.
Current job market in Singapore
Randstad Singapore’s 2023 job market and salary outlook report predicts better hiring in the following industries:
| Overview of Singapore’s high demand job | Singapore’s Job |
| jobs in Singapore 2024 | Health & Life Sciences Technology Financial services Supply Chain & Logistics Engineering. |
The information supplied during this discussion may need to be corrected or recovered.
Key Factors Shaping the Job Market in 2024
Several factors shape the 2024 Singapore work market:
1. Technological advancements:
Businesses across all industries are digitising, increasing the need for IT skills in AI, data science, and cybersecurity.
2. Economic growth:
Singapore’s economy is expected to increase by 2.5% in 2024, creating healthcare, finance, and technology jobs.
3. Skills development and job creation:
Singapore’s SkillsFuture and JobsFuture programmes teach Singaporeans the skills they need for the future economy.
Economic Outlook and Growth Drivers
Singapore’s economy is estimated to rise by 2.5% in 2024. Several causes feed this optimism:
Projected Economic Growth for Singapore in 2024
Economic growth in Singapore is expected from:
1. Domestic solid consumption:
Government support and strong household fundamentals should sustain consumer spending.
2. Global trade recovery:
Lifting pandemic-related restrictions and reopening international borders should revive global trade, boosting Singapore’s export-oriented economy.
3. Technological advances:
Singapore’s digital revolution and innovation will boost technological growth.
Factors Contributing to Economic Growth
Several factors drive Singapore’s economic growth:
1. Strong domestic demand:
Rising earnings and government policies should boost consumer spending.
2. Increased business investment:
Businesses are likely to invest more in Singapore due to the improving economy.
3. Government support:
The government offers tax incentives and grants to stimulate business investment and job creation.
Job Trends and Skills in Demand
Technology-driven jobs are rising in Singapore, with demand for qualified workers in:
Change to Tech-Driven Roles: Demand for tech-driven jobs is rising because
Digital transformation:
Businesses are adopting digital technologies, requiring competent tech professionals.
Technological advancements:
AI, data science, and cybersecurity jobs are emerging due to rapid technological breakthroughs.
High demand for skilled professionals in specific fields
In these fields, skilled workers are in demand:
AI and ML are revolutionising many industries, driving demand for AI specialists, data scientists, and engineers.
Cybersecurity:
As digital technology grows, cybersecurity is crucial.
Companies need cybersecurity analysts, penetration testers, and security architects to defend against cyberattacks.
Cloud computing:
Cloud solutions architects, engineers, and DevOps specialists are needed to manage and optimise cloud infrastructure as cloud use grows.
Data science:
Data scientists are sought to analyse massive databases and inform business choices.
Software development:
Full-stack and software engineers are essential for building and maintaining business-critical software.
Technical Expertise Needs Soft Skills
Technical abilities are crucial in Singapore, but companies increasingly emphasise soft skills. Non-technical skills help people succeed at work and solve complicated problems. Necessary smooth talents are:
Soft Skills Gaining Workplace Value: Soft skills are becoming more important because
The changing nature of work:
Work is getting more complex and challenging, needing people to adapt, collaborate, and think creatively.
Rise of technology:
Many chores are automated, making problem-solving, communication, and teamwork increasingly important.
What is the average salary in Singapore?
According to Payscale, the average salary in Singapore is S$58k.
However, this figure covers many job titles and industries. The average Singaporean software engineer’s salary is S$60,816.
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Job Overview
- Audit & Assurance
- Consulting
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Company Name: Deloitte
Monthly Salary: The average Salary for Deloitte employees in Singapore in 2023 will be S$30,000 to S$45,000.
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Urgent Jobs in Singapore 2023-24 Important Link
The latest jobs in Singapore for Foreigner 2023-24 Important Link is given below
| Abroad Jobs | CLICK HERE |
| Join Telegram Channel | CLICK HERE |
| Latest Nursing jobs in Singapore 2023: Apply Now | CLICK HERE |
| How to Get Job in Singapore for Foreigners 2024? | CLICK HERE |
| Urgent Singapore Work Visa 2024: Unlock a World of Opportunities | CLICK HERE |
| Singapore jobs for Indian 2023 | CLICK HERE |
| How to Apply Singapore Jobs from India 2023? | CLICK HERE |
| Visit Singapore Official Website | CLICK HERE |
| Indian Embassy in Singapore | CLICK HERE |
| Visit the Home Page to get the latest job News | CLICK HERE |
How much tax do I have to pay in Singapore?
Payscale reports a S$58k average wage in Singapore. However, this figure covers many job titles and industries. Software engineers in Singapore earn an average of S$60,816.
Singapore has a progressive resident tax rate from 0% to 22% above S$320,000. No inheritance or capital gain tax. Singaporeans pay taxes only on their income(income tax). Except for a few exceptions, overseas workers’ income is tax-free.
S$120,000 is your annual pay if you make S$10,000 per month. Personal reliefs and deductions reduce your taxable income to S$97,000. The tax is S$8,350.
*Please note that these figures are current and could be inaccurate/lossy as of this conversation.
Is the job market bad right now Singapore?
Due to global economic uncertainty and industry slowdowns, Singapore’s job market is struggling. Overall, hiring is moderately up across sectors, indicating resilience.
The present Singapore work market is as follows:
Challenges:
Global economic uncertainties: The Ukraine crisis, rising prices, and supply chain disruptions affect global economic growth, which could influence Singapore’s job market.
Technology and finance are recruiting less due to economic issues and restructuring.
Positive Trends:
Employment growth is moderate in healthcare, manufacturing, and retail despite obstacles.
Skills development: The government is heavily investing in skills development programmes to prepare nationals and foreigners for the future employment market.
Talent attraction and retention: The government recognises the value of skilled individuals in economic growth and is taking steps to attract and retain global talent.
Singapore job market Overall outlook:
The country’s solid economic foundations, government support for skills development and job creation, and demand for qualified people in developing industries should keep the Singapore employment market resilient.
Singapore remains an appealing destination for qualified people seeking employment opportunities in a competitive and robust economy despite short-term swings and problems.
Singapore job market for foreigners 2024
Singapore’s job market should remain attractive to foreigners in 2024. Foreigners are sought in technology, healthcare, data science, finance, and manufacturing.
English and Mandarin Chinese fluency, technical talents, and soft skills are valued.
Stay current on job market trends, invest in upskilling programmes, network, customise resumes and cover letters, and practise interviews to succeed.
Following industry events, networking, and interviewing preparation might boost Singapore’s career prospects.
2024 salary increase Projections Singapore
Overall: The 2024 Singaporean average wage growth is expected to be 4.0%. This matches 2023’s rise.
Salary Increase Factors:
In 2024, Singapore’s GDP is expected to increase by 2.5%, supporting moderate wage growth.
- As inflation falls in 2024, real pay growth should increase.
- Employers emphasise technology, data science, and cybersecurity capabilities, which might raise pay.
- Government programmes to increase skills and create jobs can raise earnings.
Industry Differences:
- Technology: Technology organisations are predicted to offer the largest compensation increases, 5.0% to 6.0%.
- The finance sector is predicted to get 4.5% to 5.0% salary rises.
- Manufacturing: Expect 4.0%–5.0% wage increases in manufacturing.
- Healthcare earners should expect 4.0% to 5.0% raises.
Sources:
- Aon plc: 4.00% Singapore median wage rise in 2024
- ECA International: Singapore real salaries in 2024 to rise.
- People Matter Predicted 2024 salaries: Malaysia, Singapore stable, Indonesia, Philippines growing.
- SBR: Singapore salary increases are anticipated to remain constant in 2024 as inflation falls.
Additional Info:
Salary increases may vary depending on individual circumstances and corporate performance.
Base your salary negotiation on your experience, talents, and position’s market value.
Singapore Job Market 2024 FAQ
According to the Ministry of Manpower (MOM) Report of Singapore, New Job Market in 2023-24 Singapore Job Market FAQ 2024 are given below
Q: What are Singapore’s job market prospects in 2024?
According to a survey by the Singapore Business Federation (SBF), most companies plan to raise employee compensation next year despite expected economic weakness.
67% of firms foresee wage increases, averaging 6%. Only 1% consider compensation cutbacks, while 32% want to maintain earnings.
Q: Which industries should see the biggest compensation increases?
Most companies planning salary increases were in the services industry (87%), followed by real estate (86%) and logistics and transportation (82%).
Q: How will Singaporean enterprises’ headcount change?
One in two organizations (51%) reported no full-time employee headcount changes in the last year, and 53% forecast none in the coming year.
More organizations (36%) anticipate a growing headcount next year than in the previous year (29%).
In recent years, 19% of organizations reported a loss in labour, but just 10% expect one in the next year.
Q: Which three industries have the most job growth?
The top three industries with workforce growth are banking, finance, insurance, and accounting (38%), retail, hotels, and food and beverages (30%), and health and education (20%).
Q: Which Singaporean recruitment trends are emerging?
Remote work, digital skills, diversity-focused recruitment, and the gig economy will continue to impact Singaporean job seekers in 2023 and 2024.
Q: What is Singapore’s 2024 economic outlook?
With potential upside drivers like capital inflows into Singapore and reducing inflation, 2024’s GDP prediction was expected to be approximately 2.5% year-on-year, especially compared to 2023’s lower figures.
Q: Which industry is booming in Singapore?
Q: Which company is the best to work for in Singapore?
Q: Which industry will grow in future in Singapore?
Singapore job market in 2024: Career Expert Point Of View
The Singapore job market in 2024 looks promising due to economic growth, government efforts, and increasing demand for qualified individuals in technology, healthcare, data science, and other emerging areas.
Foreign professionals who keep up with developments, learn new skills, and network have many chances despite fierce competition. Singapore attracts smart people seeking rewarding careers with its friendly policies and numerous chances.
I hope you achieve your dream job in Singapore. Best of luck!
