Singapore labour market to remain tight in 2025

Manufacturing and services sector to lead labour demand.

Singapore’s labour demand is expected to remain robust in 2025, especially in manufacturing and services, RHB said.

RHB said positive Q3 2024 figures testified to the gradual strengthening of Singapore's labour conditions, which will auger well for higher wages and disposable income in 2025.

However, the expert noted that geopolitical tensions, protectionist policies, and unexpected global events may derail its assumptions.

The Ministry of Manpower reported that employment rose by 24,100 in Q3 2024, while the unemployment rate fell to 1.8%, amongst the lowest in history.

Hiring demand in Q4 2024, especially for the services industry, will stay resilient due to the year-end festive season and the positive growth expected for 2025.

“We keep an optimistic view despite the poll results, lower hiring demand may be due to short-term noise surrounding global trade concerns, while wages are structurally sticky but still likely trend higher on the back of Singapore's relatively tighter labour market,” RHB said.

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