The Ministry of Manpower (MOM) stated that a contraction in total employment, increased redundancy levels, and decreases in job vacancies to unemployed ratio have reflected the current subdued global economic conditions and ongoing economic restructuring.
The MOM stated in its press release today (13 Dec) that the tripartite partners: the Ministry of Manpower (MOM), the National Trades Union Congress (NTUC), and Singapore National Employers Federation (SNEF), will continue to step up help for workers affected by the economic situation to seize new job opportunities through SkillsFuture and Adapt & Grow initiatives amid this under way economic transition.
MOM explained, while the unemployment rate remained broadly stable among populations in the third quarter of 2016, the long-term unemployment rate has risen from a year ago, with the increase broad-based across age and qualifications.
Total employment contracted by 2,700 in the third quarter of 2016, MOM stated, following slower growth in the past two quarters. This was the first decline since the first quarter of 2015.
Over the first nine months of 2016, total employment grew by 14,500, the lowest such growth since 2009, which was a 100. The decrease was primarily hitting Work Permit Holders, mainly due to shrinkage in Manufacturing and Construction.
The MOM explained further, in the first nine months of 2016, 13,730 workers were laid off, higher than the same period in 2015 (10,220) and the highest since 2009 (21,210). However, the MOM wrote, re-entry rates have risen. Many residents (49 percent) made redundant in the second quarter of 2016 secured re-employment by September 2016, increasing a little from the previous quarter (45percent), while the general downtrend since December 2014 was 59 percent.
After successively declined for six quarters, the number of seasonally adjusted job vacancies rose slightly from 49,400 in June 2016 to 50,800 in September 2016. However, the seasonally-adjusted ratio of job vacancies to unemployed persons was down to 0.91 in September 2016, from 0.93 in June 2016, MOM stated.
The detail and tables of the report and technical note on the various indicators are released here.