S’pore companies see double the number of M’sian job applicants due to stronger currency

Singapore firms seeing more job applicants from Malaysia

Businesses in Singapore have seen a spike in the number of job applicants from Malaysia, with many seeking work in sectors such as retail, food and beverage, as well as administration.

This is due to the appreciation of the Singapore dollar against the Malaysian ringgit, the former of which has been steadily strengthening since the Covid-19 pandemic.

This statistic came to light through Singapore recruitment agency ManpowerGroup’s comparison of the number of applications it received over the last two years.

Stronger Singapore dollar contributes to spike in job applicants

Speaking to The New Straits Times (NST), ManpowerGroup’s country manager Linda Teo said that they have seen double the number of job applicants from Malaysia this year, compared to the same period last year.

This came to light after they compared the number of Malaysian applicants from Dec 2022 to Jan 2023 and Dec 2023 to Jan 2024.

In 2020, about 60.7% of Malaysians living abroad migrated to Singapore for work or marriage.

Ms Teo explained that the strengthening of the Singapore dollar against the ringgit over the last few months was a key factor in the surge in the number of Malaysians seeking jobs in Singapore.

The company also observed an increase in applications from Malaysians residing beyond Johor, she added.

ManpowerGroup noted that most Malaysian job seekers are looking for employment in retail, food and beverage, and administration sectors in Singapore.

They also tend to lean towards jobs in corporate settings with regular working hours. This is especially so among those who commute between the two countries daily.

Ms Teo said: “For Malaysians possessing relevant technical skills, there is a notable interest in positions within the engineering and manufacturing industries.”

Other reasons include better work opportunities & environments

A Department of Statistics Malaysia’s (DOSM) survey from 19 Feb supports this, having found that 83% of Malaysian workers in Singapore and Brunei fall into skilled and semi-skilled categories.

Citing the same study, Malaysian manpower firm TalentCorp group chief executive Thomas Mathew told NST that the primary reasons for Malaysians to migrate to Singapore and Brunei include:

• Higher salaries
• Favourable exchange rates
• Better employment opportunities
• Better working environments

Similarly, those returning to Malaysia from overseas faced challenges such as:

• Unsustainable remuneration
• Unsuitable job opportunities
• Lack of familiarity with local job market conditions
• Difficulties for foreign spouses and children in adapting to the culture

To make Malaysia more attractive for investment, work and residence, the government must therefore focus on making the economy stronger, increasing investments, providing high-quality job opportunities, and fostering a bigger pool of skilled talent, Mr Mathew suggested.

Also read: S’pore Dollar equates to RM3.57 as M’sian Ringgit drops further on 20 Feb

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Featured image adapted from Google Maps.