Workforce growth likely to fall to 1-2% in next five years

Singapore

SINGAPORE'S total annual workforce growth is expected to continue on its downward trend to 1-2 per cent between 2016 and 2020 - and this decline is likely to continue beyond that period as the local workforce growth will eventually stagnate, with baby boomers entering retirement.

Manpower Minister Lim Swee Say shared this at a media briefing on Thursday, as he painted the Republic's labour outlook for the next five years, following preliminary employment estimates released by the ministry.

Singapore's local workforce growt…