Among all the past years, 2016 was a year that had the worst effect on the job market in Singapore, especially on graduates. This is according to a report published by the ministry of manpower. The report was in agreement with the initial data published earlier in January.
Compare to other years, 2016 was not a year to remember for many people who lost their jobs or could not secure better employment. The recession was a bane to the labor market and it was not surprising to see such a sad report from the ministry that handles labor matters in Singapore.
2016, year of layoffs
There were over 19,170 layoffs last year alone, compared to previous years with lower figures. Although the layoff was not just limited to 2016, it begins to be frightening since the year 2010. However, it climaxed last year, when the highest number of people lost their jobs, mostly degree holders.
In the last quarter of last year, those that lost their jobs were technicians, executives, engineers, managers, and other professionals. They actually formed the seventy-five percent of jobs lost in that quarter alone.
Most degree holders that lost their means of living are still in the labor market trying to put the pieces of their lives together again this year. As it looks bright from the onset, judging from the budget surplus and the way the economy is responding positively this year.
Weak economy cause of unemployment
Considering the weak economy Singapore had last year. But it is not surprising that the job market was not friendly last year. The annual unemployment rate rose to 2.1 percent, which was the worst since 2010. While the number of degree holders who were long-term unemployed. This is meaning those who couldn’t secure a job within twenty-five weeks rose to 1 percent.
However, it is not a case of making degree holders the scapegoats. But more jobs are being freed, and those graduates were just victims of the economy not doing well in the year under review.
Employment may be a mirage, having a job today is not a guarantee that you will have it tomorrow. The most important thing is your employ ability, and possessing pertinent skills so that in the case of job loss. However, you can still be able to get another one.
Having relevant skills that employers will need is a way to stay away from unemployment in the New Year
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