MAS sees continued ‘steady’ recovery in labour market, resident unemployment rate to fall further

READ: Singapore's sharpest fall in employment in more than 20 years borne by non-resident workers: MOM

Already, the resident unemployment rate has eased further to 4.1 per cent in February, compared with the peak of 4.8 per cent in September last year. The pandemic may have also accelerated the economy’s shift away from low productivity sectors to those that have a higher value-add per worker and strong growth prospects in a post-pandemic world, MAS added.MARKET SLACK TO PERSIST, MUTED WAGE GROWTH

An individual is considered time-related underemployed if he is working part-time but is willing and able to engage in additional hours of work.

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