Singapore Jobs Related News: More jobs created than lost in last 5 years

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More jobs created than lost in last 5 years

MORE jobs flowed into than out of Singapore in the past five years.

The number of workers retrenched due to companies taking flight was reduced from 4,455 in 1999 to 2,360 last year, said Mr Raymond Lim, Minister of State (Trade and Industry, and Foreign Affairs) in Parliament yesterday.

Nor is overseas relocation the main cause of layoffs. It accounted for only 7 per cent of companies that retrenched workers last year.

In contrast, about 111,000 jobs will be created from manufacturing investments and total business spending by services firms in the past five years, added Mr Lim.

During this period, the Economic Development Board attracted $42.9 billion worth of net investment commitments in the manufacturing sector, with foreign investments, at $33.4 billion, making up the bulk. Total business spending by services firms was $9.3 billion.

Mr Lim trotted out these figures in reply to Dr Amy Khor (Hong Kah GRC), who asked about the impact of jobs relocating overseas on the Singapore job market.

While some jobs have been lost, Mr Lim noted that international rankings suggest the Singapore economy remains 'highly competitive'.

For instance, A.T. Kearney ranked Singapore the fifth most attractive global location for outsourcing in its 2004 Offshore Location Attractiveness Index. Singapore was ranked ahead of low-cost Philippines and Brazil, as well as developed countries such as Canada and Australia.

To counter job losses, Mr Lim said the Government's key priority is to attract high-value investment to Singapore.

Other measures include promoting entrepreneurship and development of new industries.