Friday, 30 Oct 2020 02:43 PM MYT
Despite this, the Ministry of Manpower’s latest labour market report released today, had some silver linings: Resident employment has started growing and the rise in the unemployment rate has slowed. This is also higher than the peak recorded during other recessions except during the global financial crisis when close to 13,000 were retrenched in the first quarter of 2009.
Resident employment has risen to 2.34 million in September this year, just slightly below the 2.36 million in December 2019, which was before the Covid-19 pandemic started. This slight “reprieve” in the third quarter, however, requires effort to be sustained and should not be assumed to be a given, said Teo.
The pace of increase was slower as the rate only increased between 0.1 and 0.2 percentage points in SeptemberNumber of retrenchments in third quarter: 9,100
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