Labour market 1Q20

Labour market

Total employment makes historic drop in 1Q20 as ratio of job vacancies to unemployed persons falls

The decline in Singapore’s total employment is the sharpest contraction since the 2003 SARS pandemic

Singapore economy

Job losses and wage declines expected

“Notwithstanding the government’s support measures, some firms affected by the fallout from Covid-19 may still have to undertake labour cost adjustment measures such as putting workers on shorter work weeks or no-pay leave,” says MAS

Labour market

Unemployment rate rises to 2.4% in 1Q20, but economists say more layoffs and job losses to come

MOM expects the wage support measures announced under the three Budgets this year to cushion the extent of job losses.
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