The Monetary Authority of Singapore says that a combination of slow economic growth and skill mismatches is weighing down the labour market
According to the Monetary Authority of Singapore’s (MAS) biannual Macroeconomic Review, professionals, managers, executives and technicians (PMET) are “the hardest hit class of workers” because of slow economic growth.
“This skills gulf means that good jobs are going begging in some industries while other sectors are seeing jobs disappear by the month,” reported The Straits Times.
The report also tallied almost three layoffs per 1,000 workers occurred during the first half of the year, up by a point from the latter half of 2015.
PMETs were the hardest hit as they made up more than two-thirds of those let go.
And, although more than half of job openings were earmarked for them, “only 39% of laid-off resident workers in this category managed to secure a post within six months,” they claimed.
They advised PMETs to upskill in order to be eligible for jobs that are already available in the market.
The Ministry of Manpower (MOM), meanwhile, said that companies who will employ PMETs will get a will get a subsidy for training up to cap of $4,000.
Furthermore, PMETs aged 40 and above will receive a 90% wage support, said MOM.
