Job market slump likely to continue for rest of the year, say economists | Malay Mail

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Job market slump likely to continue for rest of the year, say economists

Thursday, 30 Jul 2020 07:08 AM MYT

The economists were commenting on the latest labour market report from the Ministry of Manpower yesterday. The government had imposed a two-month circuit breaker between April and June in a bid to contain the spread of Covid-19, with many businesses having to limit or cease their operations as a result.“Beneath those headline figures, what people don't see is income degradation,” he said. “For example, the Jobs Support Scheme has saved jobs, but income has been hit The hit on income is more broad-based and deeper than what the employment figures are showing.

Song pointed out that the labour market situation would have been “far weaker” had the Government not pumped in close to S$100 billion over four national budgets. OCBC bank's head of treasury research and strategy Selena Ling said: “The foreign workers employed in construction were just under stay-home notice or quarantine, especially in the dormitories, so technically, they are still employed.

Given the uncertainty in the Covid-19 situation and the ongoing travel restrictions, firms would still hesitate before hiring.

 

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