Our Labour Market Numbers Look Depressing. Here's What You Need to Know.
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
Unemployment rate(%), seasonally adjusted, increased from 3.3% in Q1 2020 to 3.8% in Q2 2020.
|Quarter||Unemployment Rate, Citizen|
Shorter Work-Week/ Temporary Layoff
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.
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.
With the recent Singapore Airline retrenchment exercise hitting the news, everywhere else in Singapore is no exception.
In Q2 2020, the number of employees getting retrenched more than doubled in number to 8,130.
Total Employment Change
If the above is not enough to illustrate the job market’s situation, this one will:
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.
|Clerical, Sales and Service Workers||30.1%|
|Cleaners, Labourers, production and related workers||19.1%|
|Age||60 and above||15.1%|
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.
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.