Out of work in Singapore? You’re in luck – it has the shortest unemployment periods in the world
Author: PM editorial | Date: 8 Feb 2017
Finding a job only takes eight weeks on average, says Ministry of Manpower
If you’re out of work in Singapore, it should only take an average of eight weeks to find a new job.
Recent figures released by the Ministry of Manpower (MOM) show that the city-state is the place to be for jobhunters, when compared to other countries around the world.
Although unemployment and redundancies are on the rise, Singapore’s average duration of unemployment is lower than Hong Kong (nine weeks), the US (11 weeks) and less than half of Australia, where the average is around 17 weeks, says Bloomberg.
This could be seen as the upshot of having what Manpower Minister Lim Swee Say described as a “manpower-lean economy.” With plenty of jobs needing to be done, but fewer people to do them as the population ages, it presents an unusual economic predicament.
It also means that re-employment prospects are very good for those who reach retirement age. According to MOM statistics, 98 per cent of people who reached Singapore’s retirement age of 62 were offered re-employment. Sometimes this means continuing their current role, but often they are offered new positions to avoid slowing down the career development of younger workers.
In addition to the country’s low unemployment duration, it also has impressively low long-term unemployment rates. Only 0.6 per cent of jobseekers have been unemployed for a year or longer. Hong Kong beats that at only 0.4 per cent, but in the UK, for example, 2.2 per cent of those looking for jobs have been looking for at least a year.