According to the latest statistics from the Ministry of Manpower, Singapore posted its worst unemployment figures today (Dec 13) with job seekers outnumbering job vacancies by 9.89% and its long-term unemployment figure hitting 30% of the unemployed figures – a 14-year-high since 2002.
This is the second quarter Singapore sees insufficient jobs to meet the number of unemployed, contrary to what Prime Minister Lee Hsien Loong claimed on two Sundays ago (Dec 4).
Below are the details of the latest figures:
1. Long-term unemployment rate increased from 0.6% to 0.8% for Singaporeans and Permanent Residents
2. 91 job openings for every 100 job seekers
3. Unemployment rate is 3% (citizens) and 2.9% (permanent residents)
4. Total employment fell 2,700 in 3 months
5. 13,730 workers were retrenched, highest since 2009
6. Only 49% of retrenched workers manage to find jobs, both part-time and full-time, while the remaining 51% are not making any CPF contributions
Minister of Manpower Lim Swee Say have no comment on the declining trend of employment since he took office in 2011. In the past two decade, Singapore has so far seen three recessions – one in 1997 during the Asian Financial Crisis, one in 2009 during the Great Financial Crisis and one in 2002 during the SARS virus period.