Singapore’s Unemployment Rates go Back to Pre-Pandemic Levels

May 2022

Unemployment rates for 2022 February in Singapore were around the quarterly average unemployment rates in 2018/2019. According to the 2021 Labour Market Report, the overall unemployment rate in February was 2.1%, down from 2.3% in January, while the resident unemployment rate fell to 3.0% from January’s 3.1%, and the citizen unemployment rate dropped to 3.2% from the previous 3.3%.

In 2022, though the Ministry of Manpower does not expect much fluctuation, it ultimately depends on the prevailing economic situation. “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,” it said.

In the words of Minister of Manpower Tan See Leng, “With the recent easing of border restrictions and safe management measures, I am optimistic that our labor market situation will hold steady in the coming months.”

(Source: Channel News Asia; HRMAsia)

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