If you are a job seeker right now, you’d definitely be familiar with a sense of hopelessness, and the ominous aura of fear that shrouds your search for employment.
You’re not alone, and the Ministry of Manpower has just shed light on how many others there are like yourself, while also releasing an overview of how much employment has suffered in the third quarter of 2016.
Here are the important stats that you need to take note of.
Rise In Long-Term Unemployment Rate
While overall unemployment rate has remained largely similar, the long term unemployment rate among Singapore residents is continuing on an upward trend.
As of September 2016, an estimated 66,600 residents are unemployed, inclusive of 58,500 Singapore citizens.
Degree Holders And Older Workers Have The Highest Long-Term Unemployment Rate
Bad news if you are a degree holder – be prepared for extended dry spells of unemployment if you haven’t been unable to secure a job upon graduation, or have been retrenched recently.
Among all educational tiers, degree holders continue to record the highest long-term unemployment rate, even increasing slightly as compared to September 2015.
Jobs Are In The Negative Again
Employment also saw its first major contraction since the first quarter of 2015.
Though it wasn’t terrible, it also means that there are less jobs now, after a period which saw a slow growth in employment opportunities.
Redundancies Are Still High
When someone is made ‘redundant‘ it means that a company terminates an employee because the position is no longer required within the organisation.
In each quarter of the 2016, redundancies seems to be a recurring theme, and in the the third quarter it is no different.
While slightly lower as compared to the last quarter, there is a marked increase as compared to what was reported a year ago.
These Are Those Who Have Been Made Redundant
These are the groups of people whom have been made redundant in the third quarter of 2016.
Going by the majority stats, the typical profile of someone made redundant seems to point to a middle-aged male who’s a degree holder and who’s working in a PMET capacity.
Diving into specifics, Professionals, Managers, Executives and Technicians (PMETs) are the biggest casualty here, and what’s more worrying is that these are the people that most Singaporeans have trained to become.
Speaking of the majority of Singaporeans again, most of us have been brought up to believe that getting a degree would save us in the future.
Well, that’s not the case if these stats are anything to go by, as degree holders are the majority which have been a victim of redundancy.
Rate Of Re-Entry Is Higher, Though
Here’s some good news – MOM found that of those made redundant in the previous quarter, the rate of which they have found employment again has increased to 49.2%, as compared to 45% in June this year.
This also comes as a relief because since December 2014, workers whom have been made redundant have seen chances of re-entry dip continuously until now.
Job Seekers Still Outnumber Available Jobs
However, that bit of good news regarding re-entry is quickly overshadowed by the fact those looking for a job still outnumber the jobs that are actually available in the market.
Don’t Expect Rainbows And Sunshine Anytime Soon
These are uncertain times which we are living through right now. Economic outlook is dark at best, with an equally gloomy prospect for job seekers.
Only a reported 15% of employers are looking to hire in the first quarter of 2017, while companies are overall taking a very cautious approach to hiring in the next three months.
Perhaps in this time, you can finally make use of those Skillsfuture credits that you haven’t touched a cent of to acquire new skills for some future employment opportunities.
View the full MOM report here.
Featured Image Credit: lightslant