Local Labour Market Continues Path to Recovery
The Singapore resident unemployment rate declined for its sixth consecutive month this April. It is a sign that the local labor market is continuing on the path to recovery.
The statistics were released by Singapore’s Ministry of Manpower (MOM). The Singapore resident unemployment rate includes both citizens and permanent residents in the country.
As of March, the overall unemployment rate is unchanged at 2.9 percent. As of April, approximately 92,100 residents were unemployed. This includes 82,800 Singaporean citizens. Last year, the unemployment rate was at 95,500 in March.
MOM believes the job matches played a role in keeping unemployment rates on a downward trend. MOM will continue to keep a close eye on the unemployment rates, especially within certain business sectors. These sectors are once more facing challenges with the recent tightening measures that have been enforced in phase two.
Getting Through the Pandemic Remains a Priority
Singapore’s priority is to overcome the pandemic and secure the country for the future. Thus, all businesses are encouraged by the Government to tap into the various support schemes that have been made available. It is important for businesses to learn how to adapt to the new way of doing things.
Jobseekers are also urged to seek out support channels. This includes traineeships, training opportunities, jobs, and attachments under the SGUnited Job and Skills Package. Workforce Singapore is also organizing workshops and virtual career fairs for those who are keen. Jobseekers also have access to career guidance from ambassadors and career coaches.
The Government is assuring the people that they are here for them. Meanwhile, the business outlook remains positive and encouraging, thanks to how swiftly Singapore responded to the phase two setback.
Singapore’s Prime Minister touched on how banks like DBS are managing the digitalization challenges by employing more engineers. Gaming company Razer also recently made headlines after it announced a possible entry into cryptocurrency. The Prime Minister called attention to this point during his national address about the Covid-19 situation.
Positive news like this will continue boosting sentiments and encourage businesses to continue the hiring process.
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Singapore continues to remain a strong business hub in Asia despite the challenges of the pandemic. With its swift response and exceptional ability to manage the challenges thrown at it, Singapore will continue to hold strong moving forward.
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