Tuesday, 3 October 2023

We are shifting our daily news to Gutzy.Asia Support us there!

Retrenchments and unemployment rates higher in 2nd quarter of 2018

Retrenchments are higher and unemployment rates rose in the second quarter of 2018 compared to the previous quarter, said the Ministry of Manpower (MOM) in a press release on Friday (27 July).

The ministry stated that preliminary data in the second quarter of 2018 showed that total employment grew even as unemployment rates edged upwards, which occurred as more persons entered the labour force to look for work on the back of continued expansion in economic activities.

According to MOM, total employment (excluding Foreign Domestic Workers) increased by 7,100 in the second quarter of 2018, which is a larger increase than in the first quarter of 2018 (400), reflecting the moderated pace of contractions in Construction and Manufacturing employment.

The ministry said that the increase in the second quarter of 2018 was also a reversal from the contraction observed in the same period a year ago (-7,900). The Services sector continued to add workers, such as in Transportation & Storage, Information & Communications, Community, Social & Personal Services, Professional Services and Financial & Insurance.

Meanwhile, MOM said that the seasonally adjusted unemployment rates increased at the overall level (from 2.0 percent in March 2018 to 2.1 percent in June 2018), for residents (from 2.8 percent to 3.0 percent) and for citizens (from 3.0 percent to 3.1 percent), after a general downtrend since June 2017.

“The rates in June 2018 remained lower than in June 2017,” it noted.

The ministry said that the number of retrenchments in the second quarter of 2018 (2,500) edged up from the preceding quarter (2,320), reflecting on-going restructuring and reorganisation.

“This occurred after a downtrend since the fourth quarter of 2016. The number of workers retrenched in 2Q 2018 was lower than the same period a year ago (3,640). Retrenchments declined over the quarter in Services, remained largely unchanged in Construction and increased in Manufacturing,” it noted.

Overall, MOM stressed that the labour market continued to expand with net growth in total employment, while unemployment and retrenchments in the second quarter of 2018 remained lower compared to the same period a year ago.

However, the unemployment rate increased compared to March 2018, which saw the lowest unemployment rate since March 2017.

“Retrenchments may also rise as restructuring and reorganisation gather pace,” it noted.

The ministry also said that it will be increasingly important for workers and businesses to stay agile and responsive to emerging technological trends, economic restructuring and the evolving workforce landscape.

“MOM and Workforce Singapore remain focussed on helping jobseekers secure better employment outcomes through the Adapt and Grow initiative, and businesses to transform and grow through the Lean Enterprise Development Scheme and the Capability Transfer Programme,” MOM added.

One has to note that MOM figures do not differentiate between Singaporeans and PRs as the figures are lumped together.

Notify of
Inline Feedbacks
View all comments

Latest posts

Election surprises and certainties: Dissecting Tharman’s presidential win

In the 2023 Presidential Election, Mr. Tharman Shanmugaratnam secured a stunning 70.4% landslide victory, surprising many, including himself. Despite expectations that TKL would win the opposition votes, voters from both camps showed a preference for Tharman's charisma and perceived competency. As Singapore reflects on the outcome, questions arise about the election's fairness and the real implications of Tharman's dominant win.

Volunteer as a Polling and Counting Agent for Singapore’s 2023 Presidential Election

For the upcoming Singapore Presidential Election on 1st September, members of the civil society have spearheaded an initiative to strengthen our democratic fabric. We invite committed individuals to join us as Polling and Counting Agents, standing together for a transparent, fair, and just election. This vote counting exercise, organized by members of civil society, is not specifically in support of Mr Tan Kin Lian, a candidate in the upcoming Presidential Election. It's an exercise in active citizenry. Nonetheless, Mr Tan endorses this initiative, which hinges on his candidacy, championing transparency, and has given permission for the results to be shared publicly.

Reflections from the Centenary: The Legacy of LKY and Singapore’s Future

Gilbert Goh reflects on the LKY centenary event: an inspiring showcase of a leader's global legacy juxtaposed against current challenges, urging Singapore to continue its path of progress.

Lim Tean advocates for Tan Kin Lian: A visionary leader for Singapore’s Presidency

In his speech at Mr Tan Kin Lian's launch of his presidential bid, Mr Lim Tean passionately championed the need for a truly Independent President. Highlighting Mr Tan Kin Lian's unique credentials and genuine concern for the wellbeing of Singaporeans, the Peoples Voice leader emphasized the pressing challenges of rising living costs and job insecurities faced by the public. Mr Lim depicted Mr Tan Kin Lian as a beacon of hope for the nation, advocating for a leader who genuinely understands and represents the people’s aspirations.

Tan Jee Say endorses Tan Kin Lian for President: A courageous, genuine, and humble...

In advocating for a truly representative leader, Tan Jee Say underscored Tan Kin Lian's humility, courage, and genuine dedication. Highlighting the pressing need for restored public trust and effective independence, Tan Jee Say emphasized that Tan Kin Lian, as the 'People's President', would bring back hope to Singaporeans and champion true democracy

Tan Kin Lian’s pledge: Rekindling unity and charting a vigorous future for Singapore

In the press conference to announce his bid for the Singapore presidency, Tan Kin Lian emphasizes safeguarding Singapore's reserves and strengthening public service integrity. Drawing on his 30-year leadership at NTUC Income, he envisions a future with affordable living, accessible housing, and job stability, pledging collaboration with the government for a united nation.

Strengthening Singapore’s political foundations: A call to action by Leong Mun Wai on Singapore’s...

Leong Mun Wai urges Singaporeans to strengthen political checks and balances, emphasizing, 'The best is yet to be for Singapore if we dare to make the right decision in upcoming elections.

Trending posts