6 indicators that offer bleak outlook for Singapore's labour market

6 indicators that offer bleak outlook for Singapore's labour market

(Oct 29): Singapore’s resilient labour market is starting to come under strain as the trade-reliant economy struggles in the face of global pressures.

Retrenchments are rising, companies are more cautious raising wages, and it’s getting harder for those who lose their jobs to find new work. While the central bank is optimistic of some recovery in the economy in upcoming quarters, there are signs the employment outlook may continue to deteriorate.

PMETs face higher risk of retrenchment, experts say

SINGAPORE (Mar 8): The conventional wisdom that the higher skilled is more employable no longer holds water, says DBS economist Irvin Seah.

In January, Seah released a report in January detailing the issue, calling professionals, managers, executives and technicians (PMETs) a “newly vulnerable” group of Singaporeans.

“We need to watch this very, very closely because it is not one-off. This is an emerging trend that has been worsening for the past 10 years. You can see it climbing and it is not right,” he says.

IBM partners IMDA to roll out 'New Collar Apprenticeship' initiative after layoffs in Singapore

SINGAPORE (Aug 16): International Business Machines (IBM) is joining the Infocomm Media Development Authority’s (IMDA) Company-Led Training programme under its TechSkills Accelerator (TeSA) initiative to roll out their first “New Collar Apprenticeship” initiative outside of the US.

Through the apprenticeships, IBM Singapore intends to also employ and train non-degree holders for infocomm technology (ICT) jobs within the technology industry.

Singapore 2Q unemployment rate at 2.1%, up from 2.0% in 1Q

SINGAPORE (July 27): Singapore’s overall unemployment rate edged up 0.1 percentage point to 2.1% in June from 2.0% in March as more people entered the workforce, reported the Ministry of Manpower today.

Preliminary data in 2Q18 ended June showed that total employment grew even as unemployment rates ticked upwards. This happened as more persons entered the labour force to look for work on the back of continued expansion in economic activities. Retrenchments in 2Q18 were lower than the same period a year ago, but higher than the previous quarter.

Global Yellow Pages announces restructuring and retrenchments; to cease publication of print directories from 2018

SINGAPORE (Aug 1): As part of what its CEO and director calls a “painful but necessary” revamp of its business model, Global Yellow Pages (GYP) has announced that it will be restructuring its business to focus on real estate as its core business, and cease publication of the print directories that the company’s name has become synonymous with, from 2018.

Arising from the closure of the print directories and the restructure of its digital business will be retrenchments, says the group, which adds that it is in the process of assisting the employees affected by it.

SPH confirms merger of My Paper and The New Paper with 10% staff reduction

SINGAPORE (Oct 17): Following recent rumours, Singapore Press Holdings has confirmed on Monday evening that it will be merging its bilingual freesheet My Paper and The New Paper tabloid to form a revamped TNP with a free distribution.

(See also: SPH said to merge two newspapers, reduce workforce)

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