Labor Market, Employment Trends of 1Q2023
The Labor Market Report of 1Q 2023 has recently been published by the Ministry of Manpower (MOM). This comprehensive report offers valuable insights into the current state of the labor market, and employment trends.
Delve into the article to discover a list of 12 background screening companies suitable for EP Credential Checks, particularly relevant as COMPASS comes into effect on September 1, 2023.
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Labor Market Report 1Q 2023
The Labor Market First Quarter 2023 has been released by the Ministry of Manpower (MOM) of Singapore on 15 June 2023.
Total Employment
Total employment increased for the sixth consecutive quarter to +33,000.
Total payrolls were 3.8% above pre-pandemic levels (December 2019) in March 2023. In addition, the number of resident employees and non-resident employment were 4.9% and the number of non-resident employees was 1.7%, respectively, above the pre-pandemic level. This is the first time that the number of non-resident employees has exceeded pre-pandemic levels.
Retrenchments increased for the third consecutive quarter to 3,820. This is on par with the 2016 and 2017 levels.
The increase in layoffs is driven by the electronics industry (global electronics recession), the information and communications industry (restructuring or restructuring), and the financial services industry (increasing volatility in global financial markets). In addition, layoffs in the industry were flat.
The rehire rate is 71.7%, and many of the employees who were laid off in the third quarter of 2022 have found new jobs by the first quarter of 2023.
Unemployment Rates
Unemployment rates are 1.8% overall, 2.6% for residents, and 2.7% for Singaporeans, while the long-term unemployment rate for residents remains low at 0.6% (March 2023). In most age and education groups, resident unemployment remains low or improving.
Job Vacancies
There are signs that labor demand is cooling in some industries. The number of job openings has declined for four consecutive quarters. However, in some industries, such as retail, accommodation, and food and beverage services, the number of vacancies remains high, partly because non-resident employment has not fully recovered to pre-pandemic levels.
Source: Labour Market Report 2023 (mom.gov.sg)
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EP Credential Checks From 1 Sept 2023: What are the 12 Background Screening Firms You Can Use ?
The Ministry of Manpower (MOM) has selected 12 background screening firms to provide EP credential checks for employers. This move aims to ensure authentic qualifications are verified. For EP applications, employers need to declare verified diploma-level and above qualifications under the COMPASS Framework. To obtain verification proof, selected background screening firms, online verification portals, or digital certificates via the OpenCerts portal can be used.
Existing EP holders not previously assessed under COMPASS will require verification from 1 September 2024, while subsequent renewals for EPs assessed under COMPASS won’t require re-verification of qualifications.
To ensure quality and service, the selected background screening companies have been thoroughly evaluated. They have a global presence and expertise in verifying educational qualifications.
The 12 companies that are able to verify qualifications from most countries/regions are:
· Avvanz International Background Checks
· Cisive
· Dataflow
· eeCheck
· First Advantage
· HireRight
· Risk Management Intelligence (RMI)
· Sterling RISQ
· Veremark
· Vero Screening
Companies that are able to verify qualifications from selected countries/regions:
· GPC Gateway (Japan)
· Verity Intelligence (Australia, Malaysia, UK, US)
Fees and processing times for verification depend on the country of qualification, ranging from S$30 to S$60 per check, taking approximately one to two weeks. Employers are encouraged to plan their hiring timeline considering the verification process.
Employers only need to verify qualifications once during EP application submission. For renewals, no further verification is required.
Source: 12 Background Screening Companies Selected to Verify Educational Qualifications in Employment Pass Applications (mom.gov.sg)
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