Unemployment rates in Singapore continued to improve in the month of February 2022

The unemployment rate for residents (i.e. Singapore Citizens and Permanent Residents) decreased from 3.1% to 3.0%, and from 3.3% to 3.2% for citizens.

The unemployment rates in Singapore continued to improve in February 2022, according to the Ministry of Manpower's latest monthly unemployment situation report.

As a whole, the unemployment rate decreased from 2.3% to 2.1%; meanwhile, the unemployment rate for residents (i.e. Singapore Citizens and Permanent Residents) decreased from 3.1% to 3.0%, and from 3.3% to 3.2% for citizens.

"With the latest month’s decline, the unemployment rates are now back to around pre-COVID levels," the Ministry said. For understanding, the quarterly average unemployment rates in 2018/2019 - pre-COVID period - were 2.2% overall, 3.0% among residents, and 3.2% among citizens.

That said, MOM shared that in the month of February 2022, there were 71,700 residents who were unemployed, which included 65,000 citizens based on seasonally adjusted data on the number of unemployed persons.

"Going forward, we expect the unemployment rates to fluctuate around this level depending on the prevailing economic situation," the Ministry added. "The high number of vacancies could bring rates down further, but at the same time, the downside risks in the global economy have increased – protracted supply chain disruptions and higher energy prices could affect business sentiments and profitability".

With regard to the high number of vacancies, it was revealed by the Manpower Research and Statistics Department (MRSD) that for the first time since 2014, there was an increase in the share of job vacancies unfilled in Singapore for six months or more in 2021.

In terms of numbers, the proportion of job vacancies unfilled for six months or more increased to 35% in 2021, from 27% the previous year. As to where the job vacancies are, it is particularly in the growth sectors of information & communications, financial & insurance services, professional services, and health & social services.

Read also: The contingent workforce in Asia Pacific: 2022 trends and insights HR must know

Image / MOM

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