Unemployment levels in November 2020 fell for the first time since the start of the COVID-19 pandemic, bringing local employment rate back to near pre-COVID levels.
According to the Ministry of Manpower (MOM), the seasonally adjusted overall unemployment rate stood at 3.3 per cent – with the resident and citizen unemployment rates shrinking to 4.6 and 4.7 per cent respectively.
Manpower Minister Josephine Teo gave the update during a visit to NTUC’s e2i (Employment and Employability Institute) on 8 January 2021.
She was at e2i to engage and thank the career coaches and staff of the career centre for their efforts over the past year. She was accompanied by NTUC Secretary-General Ng Chee Meng.
She said: “For MOM and myself personally, one key priority has been to raise our employment levels, and also to bring down the rate of unemployment
“It has been an on-going effort on our part, and it starts by monitoring the job market, very closely.”
On the employment figures, Mr Ng said that he was delighted to hear the news and that the efforts of the tripartite partners came to fruition – especially the Job Security Council (JSC) that was set up by NTUC earlier last year.
“I am happy to see that the 10,000 employer company partners had played an important role in job matching,” he said.
Mr Ng also updated the press that to date, the JSC has successfully matched some 28,000 workers to jobs since its inception.
While Mrs Teo described the fall in unemployment as “a relief”, she said that more data was needed to assess the job market and that the Labour Force Market Report will provide a clearer overall view of the situation. The report will be released by the end of January 2021.
“We really want to get a broader set of indicators to know where the job market is going,” she clarified.
Mrs Teo cautioned that Singaporeans should expect some “bumpiness” on the road to recovery for both the economy and the job market.
The current situation is unlike the 2009 global financial crisis, which managed to make a very sharp recovery, added Mrs Teo.
“Some of the effects of the COVID-19 outbreak will be quite long-lasting … There will be continued pressure on businesses to adapt, and there will also be continued pressure on jobs – simply because if companies are transforming, there potentially could be an impact on the jobs that people are at,” she said.
