Singapore’s overall unemployment rate rose to 3.4 per cent in August, exceeding the high of 3.3 per cent last recorded in September 2009 during the global financial crisis.
The figures were taken from Ministry of Manpower’s (MOM) Job Situation Report, released on 7 October 2020.
Compared to July 2020, the resident unemployment rate went up by 0.4 per cent to 4.5 per cent, while the citizen unemployment rate inched up 0.3 per cent to 4.6 per cent.
“We have started to track the unemployment rate on a monthly basis to monitor the labour situation more closely. While monthly unemployment rates have so far generally remained lower than past recessionary highs, they have been gradually rising,” said Manpower Minister Josephine Teo.
It remains to be seen if the unemployment rate will surpass the highs seen during the 2003 SARS crisis, which peaked at 4.8 per cent in September 2003.
The report also encouraged employers to be more flexible in their hiring requirements and to consider candidates whose background may not be an exact match for the role.
Employers ought to focus more on transferable skills while tapping on government funding to bridge any skills gap the candidates may have, according to the report.
For jobseekers, the report suggested that candidates may find employment more quickly if they consider less familiar roles. Jobseekers should also seek professional help early to make their job search more efficient and effective.
These suggestions were based on findings of successful matches between jobseekers and employers.
“The road to recovery will continue to take time. We also urge jobseekers and employers to play their part to make this possible by staying open to new opportunities,” said Mrs Teo
