Unemployment in Singapore is at its highest since 2009
Unemployment and retrenchments in Singapore rose last quarter, based on the Ministry of Manpower’s (MOM) latest labour market report. Unemployment rates were also at its highest in a decade – possibly due to retrenchments.
Retrenchment levels were especially high in the manufacturing, construction and services sectors.
However, there were still job vacancies available, suggesting possible labour mismatches, said MOM.
Additionally, despite the higher retrenchment figures (2,900) in the third quarter of 2019, versus the previous quarter (2,320), MOM found that the rate remained comparable to a year ago.
“MOM and Workforce Singapore (WSG), together with tripartite partners, are closely monitoring the labour market situation, and stand ready to step up support for Singaporeans under the Adapt and Grow initiative,” MOM said.
“We urge employers to work with the government to train workers with skills gaps.”