Singapore’s job market heavily weighted in workers’ favor
The current labor market is weighted so heavily in favor of employees that many Singapore employers are finding themselves bowing to their demands, according to this report. Singapore’s unemployment is at a three-year low of 1.9% with around 139 jobs for everyone 100 workers, the service sector accounting for 73% of vacancies.
Under these conditions bosses have found themselves having to deal with interviewees asking for higher pay, fewer hours, or even disappearing after accepting better offers. Contractors, temps, part-timers and older workers have stepped in to fill some gaps, with many companies unable to hire more foreign workers due to quotas. Even in sectors with less growth, such as manufacturing and construction, workers have demanded more money.
While it all seems like a paradise for employees, some economists have warned the increasing overhead costs risk inflation and higher consumer prices overall. Should Singapore’s growth slow, people may end up paying more for goods while opportunities to earn money decline.
source & article: Straits Times via The Jakarta Globe
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