Singapore job prospects are improving and this is a very good thing to have. However, there are lots of residents that are still being left hang out to dry due to some changes on the market. The job seekers are challenged by the fact that right now it’s hard to get new positions even if you didn’t have a job for quite some time now.
The observers are trying to identify the issue as the economic growth is prevalent yet there are still some issues like these that are plaguing the market. According to Irvin Seah which is a DBS economist, the Singaporean rise for long term unemployment rate is a bit problematic.
The issue has been around for a few years now, and it’s definitely not recent. It just continues to be problematic over and over, and it’s certainly something that needs to be addressed as fast as possible. It’s not something that can be solved overnight, which is why handling a situation like this can be quite problematic to be honest.
In fact, a lot of people couldn’t find a job in the past 6 months or more, even if there are plenty of skills out there. But the various changes in the resident labor force and the ongoing economic restructuring does come with its own set of problems on the market.
The unemployment rate for September for example was around 2.2 per cent after accounting for those seasonal variations. It’s not bad by any stretch, but it’s certainly something that can be improved. And the number of people that got a job back was lower in September when compared to July for example. It’s definitely something that may cause a concern.
There’s no denying that the job market is always dwindling, but this has been around for quite some time and it’s really challenging to deal with. Whether you agree with stuff like this or not, that remains to be seen. But it’s safe to say that the job market continues to change in ways you would not expect.
Hopefully we will be able to have a more stable job market. Even if there’s economic growth, there will still be skilled people left behind because they don’t find the right job. And as you can imagine, that’s really problematic and it can bring in front some major problems in the future. That’s why it has to be solved as fast as possible!
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