Five sectors on the rebound in Singapore
Singapore’s unemployment rate is predicted to drop to 2.1% this year, according to Kelly Services’ 2018 Singapore Salary Guide. Top-paying jobs are expected to come from Electronics and Precision Engineering, Finance and Insurance, Transportation, Storage and Wholesale Trade, and the Retail and Food Services sectors.
The Singapore government launched its Industry Transformation Maps for the electronics manufacturing sector in September 2017. It claims the reforms and investments will create S$22.2 billion in value-add and 2,100 jobs for professionals, managers, engineers, and technicians by 2020. An industry transformation map for the energy and chemicals sector aims to create 1,400 new jobs by 2025.
By 2020, accounting firms are expected to employ about 21,000 accountancy professionals. However, all businesses in this space experience high attrition rates, and will need to broaden the talent pool with emerging competencies like data analytics, and valuation research and analysis.
Singapore’s plans for its financial services industry see it growing the sector’s real value-add by 4.3% and create 3,000 new jobs. This is in addition to a further 1,000 roles slated for Singapore’s FinTech sector.
The IT sector’s value-add is expected to grow 6% a year, twice the speed of the overall economy in Singapore. The sector aims to add another 16,000 jobs by 2020, of which 13,000 are expected to be professional roles.
The new port in Tuas, slated for progressive opening from 2021, is expected to add 2,000 new professional jobs even before a container is lifted, according to the sector’s industry transformation map.