Our Labour Market Numbers Look Depressing. Here's What You Need to Know.
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Our Labour Market Numbers Look Depressing. Here's What You Need to Know.

Ming Feng
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Labour Market Report for Q2 2020

The Labour Market Report for the second quarter of the year 2020 is out.

We translated the figures into infographics and let it sink in for you.

Unemployment Rate (%) for Singapore Citizens

Singapore Citizen overall unemployment rate (%)
Source: mom.gov.sg

Unemployment rate(%), seasonally adjusted, increased from 3.3% in Q1 2020 to 3.8% in Q2 2020.

QuarterUnemployment Rate, Citizen
Q2 20193.10
Q3 20193.20
Q4 20193.20
Q1 20203.30
Q2 20203.80

Shorter Work-Week/ Temporary Layoff

Shorter work week or temporary layoff
Source: mom.gov.sg

As companies look for ways to cut down on their costs, employees are being placed on a shorter workweek or temporary layoff. We see the figure jumping drastically from 4,190 in Q1 2020 to 81,720 in Q2 2020. That is a 19.5-time increment.

Job Vacancy

Jobs are scared in the current climate too. The current job vacancies to unemployed person ratio is at 0.57. This means that we have roughly 2 unemployed people fighting for 1 job position.

Job Vacancy ratio
Source: mom.gov.sg

Retrenchment

With the recent Singapore Airline retrenchment exercise hitting the news, everywhere else in Singapore is no exception.

QuarterRetrenchment
Q2 20192,320
Q3 20192,470
Q4 20192,670
Q1 20204,190
Q2 20208,130

In Q2 2020, the number of employees getting retrenched more than doubled in number to 8,130.

Retrenchment rate Singapore
Source: mom.gov.sg

Total Employment Change

If the above is not enough to illustrate the job market’s situation, this one will:

Change in employment
Source: mom.gov.sg

Total employment faced a sharp decline of 103,500. This means that there is a total employment decrease of 129,100 in the first half of the year 2020.

In case you are wondering, foreign employment dipped by 5.7% whereas local employment decrease less sharply at 2.7%.

Profile of Retrenched Locals in Q2 2020

Among the locals that got retrenched, here’s the profile.

 ProfilePercentage
GenderFemale51.2%
Male48.8%
Occupational GroupPMETs50.8%
Clerical, Sales and Service Workers30.1%
Cleaners, Labourers, production and related workers19.1%
Age60 and above15.1%
50-5923.9%
40-4925.8%
30-3921.8%
Below 3013.5%
Education LevelDegree39.2%
Diploma21.6%
Post-Secondary
(Non-Tertiary)
5.8%
Secondary23.8%
Below Secondary9.6%

You must be wondering what can we all do as a nation and as fellow Singaporeans.

We can all start off by being kind and friendlier to each other for a start, both online and offline. We have no idea what the other party might be going through.

If you got retrenched, unfortunately, we have written a guide to help you through this tough period.

Seedly Restart Career after Retrenchment

Here’s a simple checklist on what you should do if you have been retrenched:

  • Get job references and testimonials
  • Prioritise your expenses and cut back on your expenditure
  • Get a short-term or temporary job while looking for your next job
  • Upgrade your current skills or pick up new skills

You can also turn to a Career Coach for help. One of such options will be the Career Coaches at Workforce Singapore’s Careers Connect. It is totally free to use.

Lastly, we are all in this together.

Stay strong!

About Ming Feng
A stint in Bloomberg gifted me with a beer belly, which only grew larger when I moved on to become a Professional Trader. Now I turn caffeine into digestible finance-related content.
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