The latest labour market report released by the Ministry of Manpower (MOM) reveals that the country’s unemployment rate in the first quarter of 2020 hit 2.4 percent, the highest in a decade.
Singapore (VNA) - The latest labour market reportreleased by the Ministry of Manpower (MOM) reveals that thecountry’s unemployment rate in the first quarter of 2020 hit 2.4 percent, thehighest in a decade.
Total employment, excluding foreignworkers, recorded its largest quarterly contraction on record as it shrank by25,600 in the first quarter after growing by 19,800 in the previous quarter.
The decline was more than what was seen duringthe severe acute respiratory syndrome (SARS) outbreak in the secondquarter of 2003 and the global financial crisis in the first quarter of2009, when employment contracted by 24,000 and 8,000 respectively.
The food and beverage, artsand entertainment, and administrative sectors saw the largest decline injob vacancies, while openings in areas like infocomm technology and health careincreased.
Theconstruction, trade and tourism-related industries were among those most impactedby reductions in employment. The number of people employed in F&B,construction and retail trade saw the sharpest employment declines, falling by8,300, 5,800 and 5,400 respectively.
SingaporeanManpower Minister Josephine Teo cautioned that the full effects of COVID-19were not yet felt in the first quarter.
Activity levels in January were still quitehigh given the new year festivities, she said. And though tourism had beenbadly hit since February, most travel restrictions were not yet in place andthe “circuit breaker” did not take effect until April.
Therefore, there couldbe many more employees placed on shorter work weeks or temporary layoffs, shenoted.
As for the future, Teo said that Singapore has to get ready for more layoffsand to help those who have lost their jobs.
“Wehave to try our very best to open up more pathways for the job seekers,” shesaid, citing the national jobs strategy that aims to create 100,000job opportunities. Part of the strategy is to have the public sectorbring forward its hiring plans./.
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Illustrative image (Photo: internet) 
