Posted on 30 Nov 2018 in Business by QuickHR with 0 Comments
Singapore reaps the benefits of this year’s labor market improvement. The Ministry of Manpower (MOM) provided vital statistics to make the claim plausible. The employment figures are encouraging overall, however, some work still needs to be done to address other members of the workforce.
According to the Straits Times, the year had more employment opportunities for both the young and old. Full-time workers reportedly did enjoy faster income growth, thanks to the improved economy.
MOM reported that the employment rate for those between the ages of 15 and 24 increased to 34.5 percent compared to last year’s 34.1 percent. Also, the unemployment rate is relatively better this year. As for the professionals, managers, executives, and technicians (PMET), their unemployment decreased to 2.9 percent from last year’s 3 percent.
However, the employment rate for workers between the ages of 25 and 64 decreased to 80.3 percent from last year’s 80.7 percent. This is brought about by women leaving their jobs to take care of their families.
Not to leave those 65 years old and above, efforts are also in place to have them employed. There are actions taken to convince those who left the workforce to return. The elders are given options to go back to the workforce if they wish to.
To ensure overall labor force satisfaction, the MOM and Workforce Singapore continues to work with unions, companies, and job seekers to offer better job matches. The coordination and collaboration with different sectors are key to encourage company loyalty and improved employment tenure. It ensures that everyone gets to take advantage of employment possibilities, regardless of industry and age.
Singapore is relentless in getting the entire labor force covered. With the employment dips experienced by some demographics (whether by age or designation), government programs are in place to address the issue.
It may not be a monumental drop, however, it still affects a good number of the workforce. As such, MOM continues to offer a smorgasbord of options and new labor directives to constantly improve Singapore’s working condition.
It is encouraging that even the older members of the society are still considered productive contributors to the workforce. They are given responsibilities when others ask them to stay home. While they have the option to do just that, the MOM’s programs continue to convince them to do otherwise. As a result, they enjoy being independent, self-caring and self-sufficient which translate to an even better employment rate for the country.
In general, the road to the labor force’s satisfaction entails a lot of work. The ability to sustain a better employment rate (as what Singapore is currently enjoying) is dependent on many factors
More policies require some reviewing and updating. Programs have to be launched to further cover other labor issues that come up. More people are needed to improve current and future processes. International relations, foreign investments and overall review of Singapore’s economy may need to be further strengthened.
MOM's programs are aimed to get the entire labor force covered – to keep them going, protect their rights, safeguard their wages, improve on their skills, and encourage career progression. With its recent directives to cover cleaners, security and other sectors, better statistics may be observed next year. However, it is still early to say.
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