Covid affected the labor market globally; however, as people are beginning to go back to their normal lives, employment rates are beginning to increase. Singapore is not left out in this rise in the labor market; it is expected to witness significant growth, although the Russia-Ukraine war crisis and uncertainty might hinder it.
Unemployment is not something to joke about in a country. The economy of any country with a high employment rate would suffer, and the citizens would begin to emigrate or create chaos. Unemployment affects many areas in a country, and if not fixed, might lead to a crisis. One of the major challenges of unemployment is security issues, as a citizen would be forced to use alternate and unethical means to finance their living. To learn more about Part time jobs for students, go with this hyperlinked site.
However, Singapore is beginning to witness a decline in its unemployment rate, and its economy is beginning to boost. According to the Minister of Manpower (MOM), the total number of employment gained is 41,400, after a decline of about 166,600 in the year 2020; migrant domestic workers are excluded from this number. MOM however noted that the employment ratio of employment gained by non-residents compared to residents is very poor. However, by the fourth quarter of 2020, there was a spike in the employment of non-residents, up to the tune of 47,900 despite the emergence of the omicron variant outbreak. The minister noted that this was the first time it was experiencing this growth in 2 years, and it is expected to continue growing.
According to the data from the Minister of Manpower, as of Dec. 2021, in a data of 3,397,200 employments, the percentage of the residents with employment is 71.9% while non-residents have the remaining 28.1%. The numbers of work permit, employment pass and S pass holders is the core reason behind this data. Sectors that contribute a major part to these employments are financial services, administrative and support services, health and social services, information and communications and professional services. Due to covid and travel restrictions, sectors such as entertainment and recreation, air transport and support services, accommodation and arts fell moderately in most of the year.
The unemployment rate in Singapore fell to 2.7% as of last year and 3% in 2020. The unemployment rate is expected to improve as people are going back to their normal businesses, and before the end of the year, the expectation is to have more gainful employment.
The way forward
Various sectors in the labor market are beginning to get back on their feet and the employment rate is expected to improve. The aviation sector is not expected to improve quickly due to movement restrictions, but production industries are beginning to recruit new personnel. Residents and non-residents are beginning to look for other means of working, and the internet has opened several doors of opportunity. Many have gotten employment overseas and working remotely from home, and they’ve gotten a new work lifestyle.
In the Post covid era Singapore has been doing fine in the labor industry and is beginning to rise back as people are settling. The employment rate from 2020 to date has shown significant growth and is expected to continue increasing. The Ministry of Manpower has assured its citizens of a better improved employment rate, and they are keen on keeping to their words.