"This means that the pace of foreign workforce should grow broadly in tandem with the growth of our local workforce," Manpower Minister Lim Swee Say said.
Lim told the parliament that overall annual foreign workforce growth has moderated from 1,44,500 in 2007 to 34,000 in 2014.
The "significant foreign worker growth slowdown occurred in all sectors", The Straits Times quoted Lim as saying.
The employment of foreign workers in the services sector grew by 21,500 in 2014, down from 54,500 foreign workers hired in 2007.
Meanwhile, the National Population and Talent Division expects demand for foreign domestic workers to rise to about 300,000 by 2030, to assist with care-giving duties at home and supporting families with elderly and children, the report said.