Unemployment is rising – Isn’t it probably time to upgrade yourself?
Overall unemployment rose from 1.9% in March 2016 to 2.1% in June 2016. Over the same period, unemployment increased among residents (2.7% to 3.0%) and citizens (2.6% to 3.1%), after declining in the previous quarter due to a lower labour force participation rate among youths aged 15 to 24.
There were sustained increases among residents aged 30 and over and in particular, among the 50 and over for the fifth consecutive quarter. By qualifications, degree holders saw unemployment rates rise to their highest level since 2009.
This is from the Singapore Government 2016 Second Quarter Report on the Labour Market.
Some key points are:
Resident long-term unemployment rate rose from 0.7% in June 2015 to 0.8% in June 2016, reaching its highest since 2010. The increase was more pronounced among those aged 40 and over and among degree holders.
4,800 workers were made redundant in the second quarter of 2016, up from the preceding quarter (4,710) and a year ago (3,250).
Coupled with the increase in unemployed persons, the seasonally adjusted ratio of job vacancies to unemployed persons declined further to 93 openings per 100 seekers in June 2016, from 103 in March 2016.
In June 2016, an estimated 68,400 residents, including 60,100 Singapore citizens were unemployed. This was higher than 60,400 (residents) and 50,800 (citizens) in March 2016.
To read more on the Labour Market Report, click here
As our economy slows down further, the competition for jobs will get more intense as employers begin to expect more from staff hires. In order to keep yourself relevant, the best idea is to invest some time in your personal skills upgrading to ensure you’ll always have the right skill sets to stay in employment.
Otherwise, perhaps it’s time to start looking for other alternatives, like starting your own business. At LOOP.sg, there are a number of courses that can help you prepare to embark on your own personal venture.
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