Things aren’t looking up for Singapore on the job front
Despite the stronger-than-expected economy performance, things aren’t looking up for Singapore on the job front. While our economy expanded 0.6% more than its forecast in 2016, the labour market remained dull.
Last year, the unemployment rate was at a six-year high with layoffs and decreased job vacancies. It could have been far worse since Singapore tends to be affected by international external forces.
More workers were retrenched or had their contracts aborted.
According to the Labour Market Developments release, the increase in unemployment was found to be spread across most ages and qualifications. However, those in the age groups of 30-39 and the over 50s were found to be the most affected.
The Silver Lining
There were more locals employed in 2016 due to the reduction of foreign workforce, which shrank by 2,500. This was partly due to the fall in the number of work permit holders in manufacturing and construction sectors, not to mention the marine industry that was being significantly affected by plunging oil prices.
Even degree-holders weren’t spared. The long-term unemployment rate was also at its all time high since 2004, which was found to be largely contributed by the high number of layoffs. Despite so, this doesn’t mean that only degree holders were affected.
Jobseekers as a whole are experiencing a longer job-hunting duration, and for those who were retrenched, fewer were found to be re-entering the workforce. With Singapore adjusting to the consequences resulting from advancements in technology, firms are now seeking to reorganize and restructure their manpower.
Mundane jobs like accounting or even secretarial work might be at risk, while rising industries, such as fintech, are set to dominate the market. It is a scary thought, as people find that their skills no longer match up to market demand. Even the most uninformed person would have seen the eye-catching televised adverts on Mediacorp’s Channel 5 raising awareness on this perennial uncertainty.
Programmes And Initiatives In full Swing
With the Adapt and Grow programme by the government and NTUC’s latest Pivot initiative, job seekers can expect a comforting helping hand in such times of uncertainty. Both schemes are set to help the unemployed return to the workforce through upscaling and ensuring that employability still remains.
