16 Jun '11, 12am

Unemployment at three-year low, but companies could face talent crunch and higher wage expectations

SINGAPORE - As the labour market improved amid healthy economic growth, Singapore's unemployment rate fell to a three-year low of 1.9 per cent in March - down from 2.2 per cent last December. Real average monthly earnings rose by 3.2 per cent in the first quarter. With hiring expectations remaining strong, experts told MediaCorp that wages are likely to grow between 4 and 8 per cent this year. While the news is music to jobseekers' ears, companies could face a talent crunch, higher wage expectations and rising unit labour cost. Manpower Staffing Services country manager Peter Haglund said: "There is a gap in the skills that is available, and the demand that is out there. So companies are struggling with finding the right people." Hudson executive general manager Georgie Chong said that the low growth in Europe and the United States have led companies to turn their attentio...

Full article: http://www.todayonline.com/Singapore/EDC110616-0000017/Un...

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