Jobs outlook in Singapore for 2023

 

How is Singapore Job Market in 2023?

• World’s top hubs for finance and technology sectors
• Get higher salaries compared to other countries
• Demand for workers in STEM fields
• 2 lakh job vacancies

Singapore is considered as one of the favorite destinations where people want to go and make their career. People like to go to the country as the standard of living is very high. The country also provides excellent career opportunities in various sectors. People can get jobs in many sectors, which include transportation, manufacturing, retail, and insurance sectors. A survey conducted by Jobstreet has indicated that Singapore will invite many immigrants from different countries to fill the vacancies for jobs in different sectors. These positions will be filled in spite of the problem of pandemic.

Number of job vacancies in Singapore

In Singapore, job vacancies have risen by 126,600 in the second quarter of 2022.

List of sectors providing good hiring rate

There are many sectors in Singapore that will provide job hiring, and the sectors are:

• Healthcare
• Education
• Banking & Finance
• Government
• Computing & IT
• Security & Law Enforcement
• Transportation & Logistics
• Construction/Building/Engineering
• Manufacturing & Production
• Insurance

Average monthly salaries in different sectors in 2022

Sector	Salary
Information technology	8,480 Singapore dollars
Banking	9,190 Singapore dollars
Telecommunications	7,450 Singapore dollars
Human resources	7,990 Singapore dollars
Engineering	7,130 Singapore dollars
Marketing, advertising, PR	9,470 Singapore dollars
Construction, real estate	4,970 Singapore dollars

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Job Market in Singapore 2023

Job market for different sectors in 2023 is given below.

Finance and insurance sector

Finance and insurance sector is a big sector, and it contributes in increasing the GDP of the country. Insurance segment brought a strong growth to the sector, and this happened due to the growth in life insurance products. The overall business of General Insurance has been improved because of many supporting activities like payment processing services. Other activities like fund management, forex segment, and security dealing activities have also expanded and helped in the growth of the country. The bank segment has shown weaker growth which led to slow increase in net fees and commissions.

Information, Communications, and Technology

There is an expectation that there will be a high growth in the IT sector, and demand for digital solutions will increase. Pandemic has led to an increase in cashless payment, and this led to the growth in the ICT segment. Minister for Communications and Information Josephine Teo has told that more than 20,000 jobs will be created for different sectors like manufacturing, biomedical, professional services, and many more.

Services

Expansion in trade services went up to 7.5 percent. In the third quarter of 2021, export and import sectors have shown the growth in this quarter. Rise in services export expanded due to expansion of exports other businesses. Import services increased due to the expansion of imports in different sectors like manufacturing, telecommunications, and computer and information services.

Manufacturing and wholesale trade

Singapore is very strong in the case of manufacturing. The main sectors of manufacturing are chemicals, electronics, biomedical, and precision engineering. This sector has become the largest source of increasing the GDP. Because of increase in the demand of semiconductors, electronics and precision engineering will show great expansion in 2022. Conclusion Different sectors in Singapore have shown expansion, and the demand of workers will also increase. Singapore has a strong GDP, and it may invite foreign workers to fill the vacant positions. Do you want to work in Singapore? Talk to Y-Axis, a leading Immigration Consultant in UAE. If you like this blog, you will also like… How to apply work visa for Singapore?