NEWLY CREATED POSITIONS
The report also found that 45.7 per cent of last year’s vacancies were newly created positions, down from 47.3 per cent in 2023.
Despite the slight decline, the large share of newly created positions shows the dynamism of the labour market, said Mr Ang Boon Heng, director of MOM’s manpower research and statistics department.
Instead of the same positions being filled by different workers, there are structural changes to the jobs and a move toward higher-skilled roles, he said.
Of the new positions, 54.7 per cent were created because of an expansion of existing business functions. Around a third were created because companies were expanding into new functions, and 6.5 per cent were created because jobs were restructured or redesigned.
The sectors that had more vacancies for newly created roles were in information and communications, professional services and financial and insurance services.
MOM said that was in line with the overall economic expansion of these sectors.
On the other hand, retail trade and food and beverage services had fewer newly created job vacancies.
“This could reflect the sectors’ slower business momentum as locals shift their spending to overseas travel destinations,” the ministry said.