Labour market 2Q20

Softness in the labour market is likely to persist with continued weakness in hiring and pressure on companies to retrench: MOM

Pay cheques of some 224,800 workers across 6,300 companies in Singapore took a hit from cost-cutting measures over the last five months.

Singapore is facing its worst recession on record, and mature workers need to upskill to remain relevant to the agile workforce

The Covid-19 pandemic has done enough damage in the past six months to wipe out Singapore’s economic gains since 2016. The government estimates the economy to shrink between 5% and 7% this year, a lowered forecast of –4 to –7% given earlier.

Growth in public credit and foreign new positions has brought a 12.8% year-on-year increase in Singapore’s broad money supply, RHB’s team of economists note. This is an expansion from the 10.8% growth logged in May.

Singapore’s labour market is reeling from the effects of the Covid-19 health-turned-economic crisis, as total employment plummeted by 121,800 in June 2020. This more than four times the 25,600 contraction registered in March, according to preliminary nu