Unemployment rate in Singapore declined to its lowest level in 14 years in 2011, revised estimates by the Ministry of Manpower confirmed Thursday.
The rate fell to 2 percent in 2011 from 2.2 percent in 2010. In the December quarter, the jobless rate remained unchanged at 2 percent compared to the previous quarter. All the figures matched the preliminary estimates.
Employment growth remained strong in 2011, supported by hiring for the festive season. Total employment grew by 37,600 from the third quarter. For the whole year, total employment increased by 122,600 or 3.9 percent, slightly higher than the gains of 115,900 in 2010.
The bulk of the employment gains continued to come from services, which added 96,100 workers in 2011, the Ministry said.
Layoffs increased in the fourth quarter of 2011, resulting in a slightly higher number of workers affected in the whole year than in 2010. As many as 3,250 workers were made redundant in the fourth quarter, higher than the 1,960 laid off in the preceding quarter. In 2011, 9,990 workers were made redundant compared to 9,800 in 2010.
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