SINGAPORE — The job market will remain weak in the coming months and wage pressures are likely to ease amid subdued economic growth and ongoing restructuring in some industries, the central bank said in its twice-yearly Macroeconomic Review report on Tuesday (Oct 25).
“Overall, there is evidence to suggest that a modest degree of slack has emerged in the labour market. This reflects the confluence of weaker overall labour demand, with growing mismatches among the resident workforce,” the MAS said in the report.
Redundancies have picked up and resident workers who have been laid off have found it increasingly difficult to return to the workforce, the central bank noted. The re-entry rate has fallen steadily from 50.5 per cent six months ago to 45 per cent as of June, the lowest since June 2009. Meanwhile, resident long-term unemployment rate rose to 0.8 per cent in the first half of this year, suggesting that a greater share of displaced workers have been staying out of jobs for longer durations. Professionals, managers, executives & technicians (PMETs) were the worst hit, accounting for more than two-thirds of the layoffs, the central bank noted.
http://www.todayonline.com/business/job-market-remain-weak-pmets-bear-brunt-layoffs
“Overall, there is evidence to suggest that a modest degree of slack has emerged in the labour market. This reflects the confluence of weaker overall labour demand, with growing mismatches among the resident workforce,” the MAS said in the report.
Redundancies have picked up and resident workers who have been laid off have found it increasingly difficult to return to the workforce, the central bank noted. The re-entry rate has fallen steadily from 50.5 per cent six months ago to 45 per cent as of June, the lowest since June 2009. Meanwhile, resident long-term unemployment rate rose to 0.8 per cent in the first half of this year, suggesting that a greater share of displaced workers have been staying out of jobs for longer durations. Professionals, managers, executives & technicians (PMETs) were the worst hit, accounting for more than two-thirds of the layoffs, the central bank noted.
http://www.todayonline.com/business/job-market-remain-weak-pmets-bear-brunt-layoffs
