S’pore’s unemployment rate rose in July for the first time in 10 months


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The overall unemployment rate in Singapore rose to 2.8 percent in July, up 0.1 percentage point from the previous month. This is also the first time that the unemployment rate has risen in the last 10 months. This reflects declining demand for workers as Covid-19 restrictions have affected sectors such as food and beverage and retail.

The unemployment rate for residents – which covers Singaporeans and permanent residents – rose 0.2 percentage points to 3.7 percent, while the citizens’ unemployment rate rose 0.2 percentage points to 3.9 percent. This means 87,300 unemployed residents in July, as well as 77,200 citizens.

“Unemployment rates rose in July 2021 for the first time in 10 months, amid stricter restrictions on COVID-19 during Phase 2 of the increased alert,” Labor Minister Tan See Leng told Facebook post.

Unemployment rates rose in July for the first time in 10 months / Image Credit: Ministry of Labor

“As Singapore moves towards a nation resistant to COVID, the measures will be further mitigated with the reopening of several sectors of our economy. This will help increase labor demand and allow our labor market to continue to recover, ”said Minister Tan, noting that the country will continue to closely monitor unemployment rates.

“At the same time, I encourage companies to constantly innovate and review their business to meet the changing needs of the economy.”

The Ministry of Labor (IOM) and the Singapore workforce will continue to support jobseekers and employers in aligning workers with available opportunities, Minister Tan added. Job seekers can take advantage of initiatives such as the SGUnited package of jobs and skills to get involved in jobs and opportunities.

Singapore remains committed to ensuring that businesses and workers are well equipped to meet future challenges, the minister said.

Economists note that the situation is likely to be temporary and that the labor market will recover with the reopening of Singapore.

“The job market is likely to recover with the recent reopening … The latest Markit Procurement Manager Index in August suggests that firms are hiring but facing difficulties in filling jobs,” said Maybank economist Kim Eng Chua Hak Bin.

Highlight Credit: Mothership


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