Singapore is showing gradual signs of recovery
The number of residents back in employment in September 2020 is near pre-COVID-19 levels, Singapore’s Ministry of Manpower (MOM) revealed today (December 17).
Additionally, the number of job vacancies rose for the first time this year, suggesting that employers are starting to hire again.
Foreign hires, however, continue to face retrenchment or unemployment “at a faster pace” than the first half of the year.
There were also other signs that the labour market may be on road to recovery, albeit a slow one.
- The number of employees experiencing short workweeks or temporary layoffs more than halved in the 3rd quarter of 2020 (34,240), compared with the previous quarter (81,720)
- Average paid hours worked rose to 43.8 hours in September, reflecting higher overtime hours
“The uncertainty in the economic environment and weak demand conditions will weigh on the recovery of the labour market,” said MOM. “COVID-19 has also accelerated the pace of business transformation and unlike in cyclical downturns, some jobs may not return.”
As such, labour market recovery may take a longer time than expected.