The number of jobs grew in Singapore last year at the slowest pace since 2003 as a cooling economy reduced employment in the manufacturing and services industries.
The city state added 31,800 jobs in 2015, a 0.9 percent gain, the Ministry of Manpower said in a preliminary report Thursday.
Local employment increased an estimated 100, while foreign employment rose 22,600, or 2 percent, excluding domestic workers.
“The moderated employment growth in 2015 reflects the weaker global economic conditions and our continued efforts to restructure towards a more productive and manpower-lean economy,” the ministry said.
It pledged to reduce “over-reliance” on and raising the quality of foreign manpower.
The weakening job market is set to restrain inflation even as median incomes among citizens rise, Bloomberg reported.
Singapore’s consumer prices fell for a 14th straight month in December, extending the longest streak of declines in almost three decades, and the central bank and trade ministry expect the effect of wage-cost pressures to be muted by a “subdued economic growth environment”.
The annual average unemployment rate in 2015 was broadly unchanged since 2011 at 1.9 percent.
Median monthly income from work of citizens employed full time, including employer contributions to pension funds, rose 6.5 percent year over year to S$3,798 (US$2,658) in June 2015.
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