( Singapore, 15th June 2020 ) Excluding foreign maids, Singapore’s employment fell sharply by 25,600 in the first quarter of this year. In addition to the largest quarterly shrinkage of the labor market in the country’s history, it also far exceeded the estimate in April this year. 19,900 people.
Lianhe Zaobao reported that when the Ministry of Manpower released its latest labor market report today, it pointed out that although the labor market in the first quarter reflected the initial impact of the coronary disease epidemic on the economy, most indicators have not yet reached the peak of the past economic recession.
In contrast, in the second quarter of 2003, the SARS epidemic peak period saw a decrease in local employment of 24,000, compared with an increase of 19,800 in the last quarter of last year. However, in terms of percentages, the overall employment contraction rate in the first quarter of this year was 0.7%, which was smaller than the 1.2% contraction rate in the second quarter of 2003.
The report also shows that the main reason for the shrinkage of the labor market is the significant decrease in the number of foreign employees, but the trade and tourism-related fields have also been greatly affected by the coronary disease epidemic, causing many local employees to lose their jobs.
The number of vacancies in the first quarter decreased to 46,300, and the quarterly adjusted vacancies fell to 0.71 compared with March this year, which means that every 10 job seekers compete for 7 vacancies, which is the lowest quarter in 10 years. However, this is still more optimistic than the situation in the past when SARS and the global financial crisis broke out, and the vacancy ratio was between 0.2 and 0.4.
**Info & Image are taken online
Commentaires