Singapore’s Unemployment Rate Highest In 10 Years

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Information Credit: CNA

Since the outbreak of COVID-19 many have been affected by it. While some impacts may be bearable, a handful actually lost their jobs.

The impact on the job market is so severe that Singapore’s unemployment rate reached its highest in a decade.

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According to the Ministry of Manpower (MOM), the overall unemployment rate stands at 2.4%.

 

Additionally, the unemployment rate among Singapore citizens increased from 3.3 to 3.5% and the number of retrenchments rose from 2,670 to 3,220

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While some have managed to keep their job it doesn’t mean that they are not negatively impacted by COVID-19. According to the ministry, an additional 4,190 employees were placed on shorter work hours or leave of absence.

 

MOM has shared that this increase means employers are choosing to make temporary adjustments to manage excess manpower and reduce business costs instead of letting people go.

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Job vacancies have decreased as well. However, while sectors such as the food and beverage, arts and entertainment, and administrative saw a decline in job vacancies, there are still new job openings.

 

For instance, openings in areas like Infocomm technology and healthcare have increased. AND for all you Tik Tok stars out there, don’t say I bojio but Tik Tok is hiring now! 😜 (no, not to be a Tik Toker but close enough!)

 

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As for the future, MOM Minister, Mrs Teo said that Singapore has to get ready for more layoffs and to help those who have lost their jobs.

 

On the bright side, I’m glad to be reminded that Singapore will create close to 100,000 opportunities as announced in Parliament during the Fourth budget this year. Hopefully, those who lost their jobs would be able to find a new job soon!

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While I may not be sure of what the future may hold for us, one thing I know for sure is that we need to stay united to get through this period! Let us all do what’s right and continue to practice social distancing.

 

Please keep yourself safe, by wearing masks and practicing good hygiene. We are selling masks (different sizes and types) and thermometers, so if you need them just drop us a message at +65 9457 2440 or call +65 6358 4231 😉

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