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Measures needed to address unemployment among young grads

The Edge Singapore
The Edge Singapore6/28/2019 08:00 AM GMT+08  • 5 min read
Measures needed to address unemployment among young grads
SINGAPORE (July 1): The labour market in Singapore has typically been tight. Over the last four decades, the city state had an average unemployment rate of 2.43%. It did reach an all-time high of 6% in ­early 1986 as Singapore faced its first recession p
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SINGAPORE (July 1): The labour market in Singapore has typically been tight. Over the last four decades, the city state had an average unemployment rate of 2.43%. It did reach an all-time high of 6% in ­early 1986 as Singapore faced its first recession post-independence. Then, the economy rebounded, and as the government restructured the economy, the jobless rate fell to a record low of 1.4% in 1990.

For 2018, the full-time employment rate was 75.4%, putting Singapore fourth among the Organisation for Economic Co-operation and Development countries.

Yet, as we relate in this week’s report, it seems that young Singapore university graduates are having trouble finding employment that either match their expectations or are relevant to their freshly obtained degree. Among working-age individuals who are younger than 30, 5.2% are unemployed. The unemployment figures for older people are 2.5% and below. The overall unemployment rate in 1Q2019 was 2.8%.

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