Singapore's big businesses overtake small firms as job creators

SINGAPORE (March 14): Singapore’s larger companies created more jobs last year than small and medium-sized businesses for the first time since 2013 as the economy struggled in the face of sluggish domestic demand and a slump in global trade.

Bigger companies -- defined as those with annual revenue exceeding US$100 million ($141 million) or employing more than 200 staff -- added a net 4,300 jobs last year, more than double the 2,100 by smaller firms, the Ministry of Manpower said in a written reply to a question from a lawmaker.

Small businesses are the mainstay of the labor market, accounting for about 70% of employment in the city state and making up 99% of all companies in the country, according to SPRING Singapore, a government agency that supports local firms. Unemployment in the export-oriented economy hit a six-year high last year.

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