The Singaporean Ministry of Manpower’s weekly job situation report showed that the country's unemployment rate climbed 0.4 percentage point in August 2020 to 4.5 per cent. Singapore (VNA) – A report released by the SingaporeMinistry of Manpower (MOM) on October 7 showed that the resident unemploymentrate in the country rose by 0.4 percentage point in August to 4.5 percent, thehighest level in more than a decade.
Whilemonthly unemployment rates have so far generally remained lower than pastrecessionary highs, they have been gradually rising, added the ministry.
During the severe acute respiratory syndrome (SARS) period in 2003, the ratewas 6.2 percent in September. It was 4.9 percent during the global financialcrisis in September 2009, noted the report.
ManpowerMinister Josephine Teo said at this point in time, it is difficult to predictwhether in the coming months, the unemployment rate will uptick at a fasterrate, or stay around the same.
Inthe three months to the end of June, retrenchments more than doubled to 8,130compared to the first quarter of the year at 3,220.
Shesaid that the Singaporean Government has introduced a new programme called JobsGrowth Incentive, which provides wage subsidies of 25 percent of the first 5,000SGD of gross monthly wages for each new local hire below 40. This will doubleto 50 percent for each of those aged 40 and above.
To be eligible for the scheme, firms mustincrease the headcount of their local workforce between September and nextFebruary, compared with August. They must also increase the number oflocal jobs that pay at least 1,400 SGD in gross monthly wages./.
VNA
