Singapore’s Ministry of Manpower (MOM) announced on Wednesday that the country’s overall unemployment rate in June reached 2.9 percent.
The unemployment rate for residents grew from 3.3 percent to 3.9 percent, and that for citizens grew from 3.5 percent to 4 percent, according to the Labour Market Advance Release Second Quarter 2020.
Residents here refer to Singapore citizens and permanent residents, said the ministry.
In the second quarter, Singapore’s total employment, excluding foreign domestic workers, was estimated to decrease by 121,800, more than four-folds of that in the first quarter. This brought the total employment decline since the start of 2020 to 147,500. The city-state also saw higher retrenchments in the second quarter, which was 6,700 compared to 3,220 in the first quarter.
MOM said that the impact of COVID-19 on Singapore’s labor market would be more extensive in the second quarter compared to the first quarter, as the external economic environment remains weak and some countries are experiencing a second wave of infections.
“Conditions for travel-related sectors remain very challenging. COVID-safe management measures will also moderate the pace of recovery in other sectors,” said the ministry. “Hence, softness in the labor market is likely to persist with continued weakness in hiring and pressure on companies to retrench.”
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