Singapore’s unemployment rate continues fall to pre-pandemic levels
In February, the overall unemployment rate was 2.1%, down from 2.3% in January, while the resident unemployment rate fell to 3.0% from January’s 3.1%, and the citizen unemployment rate dropped to 3.2% from 3.3% previously.
The rates are now back to around pre-pandemic levels, the Ministry of Manpower (MOM) said in its monthly report on unemployment in the country.
A total of 71,700 residents, of whom 65,000 are citizens, were unemployed in February.
Going forward, MOM expects the unemployment rates to fluctuate around this level depending on the prevailing economic situation. “The high number of vacancies could bring rates down further, but at the same time, the downside risks in the global economy have increased – protracted supply chain disruptions and higher energy prices could affect business sentiments and profitability,” it said.
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In a Facebook post, Minister for Manpower Tan See Leng said, “Employers are looking beyond conventional ‘plug-and-play’ options for hiring, and employees have been more open to new opportunities and learning new skills.” The plug-and-play approach is hiring an employee previously trained by a competitor, rather than training the workers to fit the hiring company’s needs.
“With the recent easing of border restrictions and safe management measures, I am optimistic that our labour market situation will hold steady in the coming months,” Dr Tan added.