SINGAPORE: Singapore’s overall unemployment rate fell to 3% in February from 3.2% in January, according to the monthly unemployment situation report from the Ministry of Manpower (MOM) released on Wednesday (April 7th).
This is the fourth consecutive month that the overall unemployment rate has fallen in Singapore.
The unemployment rate for residents – Singaporeans and permanent residents – fell in February from 4.3% to 4.1%. For citizens, the unemployment rate fell in February from 4.5% to 4.3%.
According to the MOM report, 96,800 residents were unemployed in February, including 85,900 citizens.
“Although unemployment rates remain high and have not yet returned to pre-COVID levels, we are seeing good progress in job growth,” the Minister of Manpower said on Wednesday, Josephine Teo, in a Facebook post.
READ: 130,000 locals hired by 27,000 companies as part of the 3-month job growth incentive: MOM
She added that the ministry recently paid Job Growth Incentives (JGIs) to 27,000 employers who collectively hired 130,000 locals in the first three months of the program’s implementation.
JGI is a wage subsidy scheme that encourages companies to hire more Singaporeans and permanent residents. It was first announced in August last year and was expected to run for five months, before receiving an additional S $ 5.2 billion boost in the 2021 budget and extending it through September.
“It is encouraging to see that the government’s support for employers to develop local hiring has prompted them to consider a more diverse group of job seekers. This includes those from different sectors, those who were previously unemployed and those older. 40 years and over. ” Said Mrs. Teo.
She also warned that with every drop in the unemployment rate, the next drop “is likely to be more difficult to achieve.”
READ: Biggest drop in Singapore employment in more than 20 years borne by non-resident workers: MOM
Total employment in Singapore saw its biggest drop in more than 20 years in 2020 as the COVID-19 pandemic hit the economy and a “circuit breaker” forced many companies to suspend operations in April and May.
The unemployment rate for residents reached 4.8 percent in September of last year and the overall unemployment rate that month was 3.5 percent.
MOM has published monthly unemployment figures since July 2020. Previously, rates were published quarterly.