The first quarter of each year traditionally sees a flurry of movement in the job market, as people tend to seek new opportunities after the Chinese New Year period when they receive their bonus.
However, according to Ronald Lee, Managing Director at PrimeStaff Management Services Pte Ltd, the forecast for moderate economic growth in 2013, some companies are tightening their recruitment budgets so most of the hiring is likely to be for replacement roles instead of new jobs created.
Due to the prolonged economic challenges in the euro zone and sluggish growth in the United States, many Multinational Corporations (MNCs) located in Singapore have already implemented a hiring freeze on new and replacement roles.
All in all, Singapore’s unemployment rate is expected to remain status quo. There is, however, the possibility of a very slight increase in unemployment during this period.