Assessing Trend of Declining Job Creation Per Dollar of Investment

28 Mr Gerald Giam Yean Song asked the Deputy Prime Minister and Minister for Trade and Industry (a) whether the Ministry assesses the current trend of declining job creation per dollar of investment to persist over the next five years; (b) if so, why or if not, why not; and (c) whether the Ministry can provide a breakdown of how many of the 15,700 jobs expected over the next five years are entry-level roles versus senior management roles.

Mr Gan Kim Yong: As outlined at the mid-term update on the Economic Strategy Review, economic growth will be harder to achieve in a more challenging external environment. Moreover, technological change means we can no longer assume that growth will generate the same number of jobs as before.

Despite a more economically fragmented and uncertain global environment, the Singapore Economic Development Board (EDB) secured in 2025, investment commitments comparable to recent years. The lower number of jobs committed in 2025 relative to 2024 reflects two factors. First, companies are more conservative in their hiring projections, given the challenging and uncertain environment. Second, many of the projects secured are more technology- and capital-intensive and therefore require relatively fewer workers, but each worker generates a higher value-add to the economy.

Most of the 15,700 jobs committed over the next five years are for professional, manager, executive and technician roles, with two-thirds expected to command a gross monthly salary above S$5,000. We do not have a breakdown of the number of entry-level versus senior management roles.

These investments also generate positive spillovers for the broader economy. A 2025 Ministry of Trade and Industry study published in the Economic Survey of Singapore found that firms that are linked to EDB-supported companies enjoyed higher value-added per worker, local employment and local wages.