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[h=2]67% of retrenched residents are 40 years & above[/h]
June 16th, 2014 |
Author: Editorial
Almost half of unemployed residents are aged 40 and above
MOM released the Labour Market report for 1Q 2014 [Link] last Friday (13 Jun).
The quarterly release analyses the labour market situation of Singapore, covering topics like employment, unemployment, redundancy, re-entry into employment, job vacancy, labour turnover and hours worked.
The report said that the overall seasonally adjusted unemployment rate rose from 1.8% in December 2013 to 2.0% in March 2014.
For residents (i.e, including PRs), the unemployment rate increased from 2.7% to 2.9%.
For Singaporeans, it was 2.8% to 3.0%.
The report said that despite the increase in unemployment rates, they were still low comparable to earlier quarters.
In number term, there were 59,300 residents, including 52,300 Singaporeans, who were unemployed in March 2014. The seasonally adjusted figures were 62,500 for residents and 55,700 for citizens.
The long-term unemployment rate was said to be low at 0.6% in March 2014.
Total employment grew by 28,300 in the first quarter of 2014, lower than the seasonally high increase of 40,600 in the last quarter of 2013 but broadly comparable to the 28,900 in the first quarter of 2013. This brought total employment to 3,552,200 in March 2014, which was 4.0% higher than a year ago.
However, the report did not say how many of these jobs went to Singaporeans.
Based on CPF records, about half (51%) of the residents made redundant in the fourth quarter of 2013, secured employment by March 2014. This rate of re-entry within six months of redundancy was lower than the 59% experienced by the previous cohort (laid off in the third quarter of 2013) in December 2013. A lower percentage means it’s harder to get a job after the residents were retrenched.
Job openings continued to increase. The seasonally adjusted job vacancies rose for the third consecutive quarter, though the rate of increase over the quarter moderated to 3.0% in March 2014 from 9.2% in December 2013 and 5.8% in September 2013. Job openings continued to outnumber job seekers, the report said. The seasonally adjusted ratio of job vacancies to unemployed persons declined from 1.43 in December 2013 to 1.33 in March 2014.
Residents aged 40 & above made up the largest share among the unemployed residents in March 2014 at 29,000 or 49%.
Percentage Of Residents Made Redundant (1Q 2014)
Former MP West Coast GRC MP and Chief Executive of Human Capital Singapore [Link], Ms Ho Geok Choo said, “What is very fashionable nowadays is where, they are beginning to bring in people on a short-term basis – that means contract-for-service, rather than contract-of-service. So they might hire them for six months to 12 months.”
Meanwhile, after analyzing the report, prominent financial blogger Leong Sze Hian wrote, “Don’t you find it rather strange that whilst job vacancies continue to rise – the unemployment rate has also risen? As well as the drop in the number of retrenched who were able to get re-employed?”
“Shouldn’t the unemployment rate be coming down, and the re-entry into employment rate improves, if there are really more job vacancies?”
Almost half of unemployed residents are aged 40 and above
The quarterly release analyses the labour market situation of Singapore, covering topics like employment, unemployment, redundancy, re-entry into employment, job vacancy, labour turnover and hours worked.
The report said that the overall seasonally adjusted unemployment rate rose from 1.8% in December 2013 to 2.0% in March 2014.
For residents (i.e, including PRs), the unemployment rate increased from 2.7% to 2.9%.
For Singaporeans, it was 2.8% to 3.0%.
The report said that despite the increase in unemployment rates, they were still low comparable to earlier quarters.
In number term, there were 59,300 residents, including 52,300 Singaporeans, who were unemployed in March 2014. The seasonally adjusted figures were 62,500 for residents and 55,700 for citizens.
The long-term unemployment rate was said to be low at 0.6% in March 2014.
Total employment grew by 28,300 in the first quarter of 2014, lower than the seasonally high increase of 40,600 in the last quarter of 2013 but broadly comparable to the 28,900 in the first quarter of 2013. This brought total employment to 3,552,200 in March 2014, which was 4.0% higher than a year ago.
However, the report did not say how many of these jobs went to Singaporeans.
Based on CPF records, about half (51%) of the residents made redundant in the fourth quarter of 2013, secured employment by March 2014. This rate of re-entry within six months of redundancy was lower than the 59% experienced by the previous cohort (laid off in the third quarter of 2013) in December 2013. A lower percentage means it’s harder to get a job after the residents were retrenched.
Job openings continued to increase. The seasonally adjusted job vacancies rose for the third consecutive quarter, though the rate of increase over the quarter moderated to 3.0% in March 2014 from 9.2% in December 2013 and 5.8% in September 2013. Job openings continued to outnumber job seekers, the report said. The seasonally adjusted ratio of job vacancies to unemployed persons declined from 1.43 in December 2013 to 1.33 in March 2014.
Residents aged 40 & above made up the largest share among the unemployed residents in March 2014 at 29,000 or 49%.
Percentage Of Residents Made Redundant (1Q 2014)
- Mature workers aged 40 & over: 66.9%
- Those below secondary education: 16.0%
- Those with secondary education: 15.0%
- Those with post-secondary (non-tertiary) education: 6.6%
- Diploma & professional qualification: 18.3%
- Degree holders: 44.1%
- PMETs: 65.5%
- Clerical, Sales & Service Workers: 15.7%
- Production & Transport Operators, Cleaners & Labourers: 18.8%
Former MP West Coast GRC MP and Chief Executive of Human Capital Singapore [Link], Ms Ho Geok Choo said, “What is very fashionable nowadays is where, they are beginning to bring in people on a short-term basis – that means contract-for-service, rather than contract-of-service. So they might hire them for six months to 12 months.”
Meanwhile, after analyzing the report, prominent financial blogger Leong Sze Hian wrote, “Don’t you find it rather strange that whilst job vacancies continue to rise – the unemployment rate has also risen? As well as the drop in the number of retrenched who were able to get re-employed?”
“Shouldn’t the unemployment rate be coming down, and the re-entry into employment rate improves, if there are really more job vacancies?”
