The latest quarterly employment report by the Ministry of Manpower sees worsening employment issues for Singaporeans with rising unemployment rate and falling job vacancies. Here are the key findings of the MOM report:
- Singaporean unemployment rate has increased from 2.6% to 2.9% in one quarter
- Job vacancy rate has decreased 4.5% in one quarter
- Long term unemployment rate (unemployed for more than 25 weeks) for residents increased 11.5% from a year ago
- Rate of re-entry into employment within six months of redundancy declined 2% in one quarter
- Degree holders are the least likely to be unemployed
- Number of hours worked continue to be the highest in the world at 2,371.2 hrs/yr (45.6 hrs/wk)
Although total employment has grown by 9,700 in the latest quarter, all these jobs went to foreigners because unemployment rate for Singaporeans have actually declined in the same quarter. Although job vacancies have fallen, it is still lower than 2014’s figures and this signifies that the government has not further tightened the intake of foreign labour.
MOM did not release data on under-employment where workers of higher qualifications are over-qualified for their jobs.
You may download the report here.