Singapore has seen the sharpest drop in the employment rate in the second quarter of the year.
This has brought the total employment from 232,600 to 129,100 in the first half of 2020. Although the unemployment rate and retrenchments continue to increase the numbers are still lower than past recessionary peaks.
Short-term unemployment increase
According to the Ministry of Manpower (MOM), unemployment rates has increased over the quarter from 2.4 % to 2.8 % as a whole.
- Resident unemployment – 3.3% to 3.8%
- Citizen unemployment – 3.5% to 4
Long-term unemployment decreased
Long-term unemployment, on the other hand, decreased from 0.9% to 0.8%.
Employment in the essential sector remains stable
Employment in the essential sector has remained stable as a remote working environment are more likely. According to the report, most of the local unemployment was not due to closure but due to losing their job while being unable to continue their work remotely.