[h=1]TAN CHUAN-JIN: UNEMPLOYMENT RATE FOR DEGREE HOLDERS IS VERY LOW[/h]
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Post date:
8 Oct 2014 - 3:52pm
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Manpower Minister Tan Chuan-Jin explained in Parliament that the unemployment rate for degree holders is low and it has remained low for quite some time.
He pointed to the fact that between 2008 and 2013, unemployment rate for degree holders had remained about 2.9%. This is the lowest rate among all educational groups.
Tan Chuan Jin was responding to a question from NCMP Yee Jenn Jong.
Minister Tan also acknowledged that the rate does fluctuate from month to month as there are seasonal differences such as an increased unemployment rate around June as new graduates enter the market. However, this settles back down after a few months.
He also shared that the proportion of degree holders in the workforce has also increased steadily over the past decade with 23.9% of all workers here holding a degree. Back in 2003, the figure was only 14.4%.
The Minister also added that economically inactive degree holders only make up 11.9% of all degree holders. For the rest of the population, there is an average of 33.3% of economically inactive residents.
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Economically inactive residents do not necessarily mean unemployed residents as only those who are actively seeking employment but are unable to secure employment are counted as unemployed. For example, full-time housewives do not count as unemployed but they are economically inactive.
However, one group which is also not counted as unemployed are those who have foregone good jobs and ‘settled’ for other jobs which do not actually require their full skills. For example, retrenched PMETs who give up their job search and decide to take on taxi driving are not counted as unemployed degree holders.
Those engaging in part-time work to make immediate ends meet are also not unemployed. These people are sometimes considered to be underemployed and make up a different statistic.
Although 2.9% is low, how many degree holders are actually employed in other sectors where their skills and salaries do not actually match up?
Mr Tan said that his ministry (MOM) is continuing to monitor the economic activity status of degree holders and the unemployment rates. He explained that MOM is working with tripartite partners to ensure that there are enough good quality jobs with good career development available to all residents, including degree holders.
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Post date:
8 Oct 2014 - 3:52pm
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Manpower Minister Tan Chuan-Jin explained in Parliament that the unemployment rate for degree holders is low and it has remained low for quite some time.
He pointed to the fact that between 2008 and 2013, unemployment rate for degree holders had remained about 2.9%. This is the lowest rate among all educational groups.
Tan Chuan Jin was responding to a question from NCMP Yee Jenn Jong.
Minister Tan also acknowledged that the rate does fluctuate from month to month as there are seasonal differences such as an increased unemployment rate around June as new graduates enter the market. However, this settles back down after a few months.
He also shared that the proportion of degree holders in the workforce has also increased steadily over the past decade with 23.9% of all workers here holding a degree. Back in 2003, the figure was only 14.4%.
The Minister also added that economically inactive degree holders only make up 11.9% of all degree holders. For the rest of the population, there is an average of 33.3% of economically inactive residents.
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Economically inactive residents do not necessarily mean unemployed residents as only those who are actively seeking employment but are unable to secure employment are counted as unemployed. For example, full-time housewives do not count as unemployed but they are economically inactive.
However, one group which is also not counted as unemployed are those who have foregone good jobs and ‘settled’ for other jobs which do not actually require their full skills. For example, retrenched PMETs who give up their job search and decide to take on taxi driving are not counted as unemployed degree holders.
Those engaging in part-time work to make immediate ends meet are also not unemployed. These people are sometimes considered to be underemployed and make up a different statistic.
Although 2.9% is low, how many degree holders are actually employed in other sectors where their skills and salaries do not actually match up?
Mr Tan said that his ministry (MOM) is continuing to monitor the economic activity status of degree holders and the unemployment rates. He explained that MOM is working with tripartite partners to ensure that there are enough good quality jobs with good career development available to all residents, including degree holders.
