What is the job outlook for Singapore for 2022

2022 job outlook for Singapore

Singapore has long been regarded as one of the most desirable locations for an abroad career since it provides a high standard of life as well as a diverse range of job options.

The labor markets in Singapore have been considerably impacted since the Covid-19 outbreak, with clearly shifting demands on job markets and industries. Some industries were particularly heavily struck by the pandemic’s effects, while others were able to weather the storm and even grow.

According to the Monetary Authority of Singapore (MAS), the job outlook seems bright for sectors such as health and social services, information and communication services, and financial and insurance sectors.

Wages are expected to increase for resident workers in the construction, manufacturing and domestic work. These positive trends are good reasons to seek a job in Singapore and migrate to the country.

As Singapore transitions to living with Covid-19 and vaccination rates in the region increase, allowing more workers to enter, non-resident employment is likely to stabilize and then steadily climb, according to MAS.

According to MAS, “The overall level of employment, however, may not rise back to its pre-Covid level even by the end of 2022, in part because firms are expected to raise labor productivity, while demographic factors will continue to weigh on resident workforce growth.”

 Top industry sectors for 2022

Information Technology

The Information Technology and Computer sector will have considerable job openings in 2022 owing to many factors.

The demand for software engineers has surged by 25% since the epidemic, according to latest data. Because the demand for cybersecurity and innovative software will grow and alter as technology advances. Most businesses and organizations now have an online presence that must be maintained and secured. As a result, they’re protecting their company from both external and internal threats.

As a result of this shift, the information technology industry is expected to grow with cybersecurity and ethical hacking analysts becoming indispensable in most businesses.

Healthcare

The scarcity of educated healthcare providers has been worse since the outbreak. To ensure workforce competitiveness, the Singapore government is attempting to retain healthcare workers by boosting their pay.

It’s crucial to remember that this is a specialized field that necessitates proper education and certifications.

Engineering

Robotics technology and the Internet of Things are two of the most in-demand talents and certifications in engineering hiring (IoT). A robotic engineer working in Singapore can earn roughly $8,230 per month, according to Salary Explorer5, depending on years of professional experience and educational qualification.

Biomedical and biotechnology

Companies have continued to design and create solutions in response to the complicated needs of patients as well as the COVID-19 epidemic. As a result, the medical devices market is expected to create significant revenue and growth in 2021. As a result, the worldwide biomedical and biotechnology market hit $456.9 billion in 2020 and is expected to hit $612.7 billion by 2025. As the number of healthcare institutions, healthcare spending, the ageing population, and technological breakthroughs rise, this trend is likely to continue in 2022.

Average annual salary by occupation

Occupation Average annual

 salary

Information technology 60,000 USD
Biomedical and Biotechnology  38,400 USD
Finance 48,000USD
Engineering 54,000 USD
Healthcare 34,629 USD

Financial services

A financial hub is a city where a significant quantity of financial transactions occurs. Singapore is ranked 6th among the Top Ten Global Financial Centers in the Global Financial Centers Index.

We may expect additional hiring in the financial sector after the Monetary Authority of Singapore announced the issuing of four digital banking licenses in December last year. Job roles that are expected to be in high demand include operational risk, compliance, and financial analysis.

These are some of the sectors in Singapore that are expected to have a promising job outlook in 2022 and if you are qualified in any of these fields, you can try for a overseas career and migrate to Singapore.

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