The current labour market indicators show a significant improvement as the unemployment rate declined from 5.3% in May to 4.9% in June and further dropped to 4.7% in July 2020.
Due to space constraint, statistical analyses are not discussed in detail, but they serve as grounds for a more comprehensive and in-depth policy-oriented discussion.Pandemic impacts labour market differentlyThe unprecedented nature of the Covid-19 pandemic has initiated one of the most unexpected upheavals in decades, which have seriously affected the labour market conditions.
The LOE in 2019 was higher than in 2018 because the GDP growth in 2019 was relatively lower at 4.3% compared to 4.8% in 2018. The LOE database at Socso EIS is also considered as one of the appropriate predictors for monitoring economic performances. In the case of Covid-19, firms incur high production costs due to supply shocks . To manage their cashflow, firms will likely reduce the size of their labour force.
Policy intervention of LOE for the PMET category may require specific attention from the policy makers compared to non-PMET workers due to three main reasons. These indicators are important to observe the efficiency of the labour market during and after a crisis. At the individual PMET category, technicians and associate professionals register the highest placement rate with 75%, followed by professionals with 62% and managers with 49%.
There are plenty of empirical evidence and data analysis that show relatively lower wages offered for PMET jobs. This situation explains the relatively lower placement rate for the PMET jobs. The situation is more serious as the real wages for graduates, after adjustment for inflation, show a decreasing trend .
Candidates and potential employees also come to the labour market with varying knowledge, competencies and abilities that can be broadly defined as “skills”, or the outcome of the individuals’ choices of education, training and their work experience, combined with innate abilities and preferences. Figure 8 further details the job vacancies for the PMET category by ranking the top 50 occupations that are highly demanded in the market.
At this juncture, it is important to ensure that the quality of the training, upskilling and reskilling programmes are safeguarded and targeted to the needs of the market. Short training courses should be developed to quickly equip displaced workers with the minimum skills needed to fulfil roles in top in-demand jobs.
One of the effective ways is to use and strengthen the Labour Market Information by establishing skill-occupation taxonomies. Thus, it indirectly links employment to education by providing a market-driven labour market information.
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