Unemployment in S’pore Highest in 7 Years, But You Won’t Need to Worry Yet. Here’s Why

As a graduate looking for a job just a few months ago, my heart sank when I read an article about the status of the job market in Singapore.

The short version of it, was that it wasn’t a good time to enter the market. Like all graduates finding a job, I was under constant stress (Various factors).

In fact, there were times when I wondered if it would have been better for me to just stay in school.

Seven-year high

The latest report on the labour market conditions by the Ministry of Manpower showed resident unemployment rate nearing a seven-year high for the June periods.

However, the real median monthly income is rising at a faster pace as compared to last year.

So what’s happening?

According to the advance labour force report released on 30 Nov, it was noted that the employment rate for residents aged between 15 and 24 years old was in decline (from 68% to 67.7%).

MOM said that this is due to the “higher propensity of youths to postpone entry into the labour force”.

Hmm, when I was 24, it’s true that I was still busy preparing for my group projects and finals.

However, for residents aged 25 to 64, the labour force participation rate (LFPR) continued to rise, reaching 83.6% this year.

“However, the dip in overall LFPR did not reflect an increase in the number of discouraged workers, which fell slightly from 9,900 in June 2016 to 9,500 in June 2017, and stayed low at 0.4 per cent of the resident labour force since June 2013,” said MOM.

Due to the improvement in economic conditions, the dip in LFPR still resulted in an overall real income growth.

I suppose it’s a good thing that the high unemployment rate is due to a positive reason like young people wanting to further their studies. After all, getting a Master’s degree might become the norm one day.

However, I do hope that they will not decide to stay in school forever like some of the people I know (30+ years old with two degrees and two diplomas with no plans to enter the work force).

Well, if they can afford it, it’s their choice. Who am I to judge, right?

I do understand that the notion of entering the work force is scary to some people. However, you’ll never know how it’ll turn out unless you try.

To be honest, I never thought that I’ll be sitting here with a mug of coco in my hand, writing this article with the other. Hey, give any opportunity a shot, and see where it’ll take you. You might just like what you see.

Since you’re here, why not watch a video about an NTU student who went all out to impress his crush, only to end up in…tragedy? Here, watch it and do remember to share it (and also subscribe to Goody Feed YouTube channel)!

This article was first published on goodyfeed.com

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Image: todayonline.com