SINGAPORE, Jan 29 — Total employment grew by 31,800 last year, marking the lowest year-on-year growth (0.9 per cent) since 2003, amid weaker global economic conditions and continued efforts to restructure into a manpower-lean economy.

According to the Labour Market Advance Release report by the Ministry of Manpower (MOM), local employment growth was flat last year, increasing by an estimated 100 ― far lower than the growth of 96,000 in 2014.

During an interview today, Manpower Minister Lim Swee Say estimated that local workforce growth would remain slow for the next five years ― at about one per cent yearly.

The MOM attributed the flatness in growth to the exit of casual workers in retail trade and the slowdown in sectors such as manufacturing and real estate services.

Excluding foreign domestic workers, foreign employment grew by 22,600, or two per cent, last year. However, this was lower than last year's growth of 26,000, and way below the increase of 48,400 in 2013.

The growth in foreign employment was driven by the services sector, for both work permit and employment pass holders.

Employment growth in this area will be capped at two per cent for the next five years, pledged Lim.

Last year, redundancies soared to 14,400 ― the highest since 2009. This was led mainly by retrenchments in the manufacturing and services sector.

Overall unemployment remained low at 1.9 per cent throughout last year, with 62,400 residents in the market for jobs.

Despite the gloomy economic situation worldwide, median income grew strongly for citizens last year. The nominal median monthly income of full-time employed citizens grew by 6.5 per cent to S$3,798 (RM11,075) in June. ― TODAY