Monday, March 16, 2009
Job losses this year expected to exceed 29,000, says SNEF
Job losses this year expected to exceed 29,000, says SNEF
By Asha Popatlal, Channel NewsAsia
SINGAPORE: This year's retrenchment figures are likely to bust the record of 29,000 jobs lost in 1998 during the Asian financial crisis, according to Singapore National Employers Federation’s (SNEF’s) president, Stephen Lee.
Mr Lee was commenting on a survey finding by HR firm Manpower Staffing Services where 636 employers across seven industry sectors were polled.
The survey found that 50 per cent of employers anticipate a cut in headcount, 29 per cent expect no change, while only seven per cent expect to increase staff strength in the second quarter.
On an industry basis, the survey found that the bleakest prospects are in the transport and utilities sectors, followed by public administration and education.
Hiring prospects are also weak in the trade and retail and services sectors, although quarter-over-quarter, there has been a slight improvement in the outlook for the finance, insurance and real estate sectors.
One emerging trend is more contract hiring, which gives more flexibility to employers.
SNEF has seen such numbers growing from 172,000 in 2006 to 190,000 last year and expects it to strengthen further.
SNEF says the silver lining here are the few sectors that are still hiring like the integrated resorts and start-ups, and encouraging take-up rates for training.
13,000 workers from 30 companies are taking up the national training programme SPUR.
But the job situation is likely to get worse before it gets better.
Mr Lee said: "NTUC's secretary-general Lim Swee Say had already said most likely in the first quarter, retrenchment figures will hit 10,000. So if we work on that sort of figure, then I anticipate that in the second quarter, it (retrenchment figures) will continue to escalate. I don't think we have seen the worst yet. Hopefully it will peak out in the second quarter of this year."
- CNA/yt
By Asha Popatlal, Channel NewsAsia
SINGAPORE: This year's retrenchment figures are likely to bust the record of 29,000 jobs lost in 1998 during the Asian financial crisis, according to Singapore National Employers Federation’s (SNEF’s) president, Stephen Lee.
Mr Lee was commenting on a survey finding by HR firm Manpower Staffing Services where 636 employers across seven industry sectors were polled.
The survey found that 50 per cent of employers anticipate a cut in headcount, 29 per cent expect no change, while only seven per cent expect to increase staff strength in the second quarter.
On an industry basis, the survey found that the bleakest prospects are in the transport and utilities sectors, followed by public administration and education.
Hiring prospects are also weak in the trade and retail and services sectors, although quarter-over-quarter, there has been a slight improvement in the outlook for the finance, insurance and real estate sectors.
One emerging trend is more contract hiring, which gives more flexibility to employers.
SNEF has seen such numbers growing from 172,000 in 2006 to 190,000 last year and expects it to strengthen further.
SNEF says the silver lining here are the few sectors that are still hiring like the integrated resorts and start-ups, and encouraging take-up rates for training.
13,000 workers from 30 companies are taking up the national training programme SPUR.
But the job situation is likely to get worse before it gets better.
Mr Lee said: "NTUC's secretary-general Lim Swee Say had already said most likely in the first quarter, retrenchment figures will hit 10,000. So if we work on that sort of figure, then I anticipate that in the second quarter, it (retrenchment figures) will continue to escalate. I don't think we have seen the worst yet. Hopefully it will peak out in the second quarter of this year."
- CNA/yt
More S'pore grads jobless
More S'pore grads jobless
The number of degree holders who lost their jobs rose sharply to 14,800, or 21 per cent in December, up from 6,200, or 14 per cent a year ago.
MORE graduates have joined the jobless ranks as companies hit by the economic downturn shed workers.
The number of degree holders who lost their jobs rose sharply to 14,800, or 21 per cent in December, up from 6,200, or 14 per cent a year ago, according to the Ministry of Manpower labour market report released on Monday.
But the below secondary educated formed the largest group of unemployed residents at 21,300, or 31 per cent. Many of them were 40 years or older, making up 15,400 or 22 per cent of all unemployed residents.
'Consequently, long term unemployment for locals at both ends of the education spectrum more than doubled over the year. As at December 2008, 12,900 of the unemployed residents had been looking for work for at least 25 weeks, up from 8,700 in December 2007,' said MOM.
They formed 0.7 per cent of the resident labour force, higher than 0.5 per cent a year ago.
Fewer vacancies
There were 26,100 job vacancies in December, down by 27 per cent from September, and 30 per cent from a year ago.
Many industries reported fewer vacancies than a year ago. The major exception was community, social and personal services, supported by public sector hiring.
Together with higher unemployment, the seasonally adjusted ratio of job vacancies to unemployed persons fell for the fourth straight quarter to 51 openings for every 100 job seekers in December, said MOM. This is comparable to the level in December 2005.
Earnings down
Nominal earnings rose over the year by 2.4 per cent in the fourth quarter, lower than the 5.5 per cent in the preceding quarter. This cut the earnings growth in 2008 to 5.4 per cent over the 6.2 per cent in 2007.
After discounting for inflation which stood at 6.5 per cent in 2008, real earnings declined by 1.1 per cent for the year, after rising by 4 per cent in 2007.
Productivity falls
Dragged down by the contraction in output, labour productivity fell by 12 per cent in the fourth quarter, deeper than the 9 per cent drop in the earlier quarter. In 2008, productivity slid by 7.8 per cent, following the decline of 0.8 per cent in 2007.
'This reflected slower GDP growth and strong employment gains in the first half of 2008,' said MOM.
The labour market is available on the MOM's website at http://www.mom.gov.sg/mrsd/publication.
This is really worrying. Will this batch of graduating students and next batch of graduating students faced the same problems too?
- wong chee tat :)
The number of degree holders who lost their jobs rose sharply to 14,800, or 21 per cent in December, up from 6,200, or 14 per cent a year ago.
MORE graduates have joined the jobless ranks as companies hit by the economic downturn shed workers.
The number of degree holders who lost their jobs rose sharply to 14,800, or 21 per cent in December, up from 6,200, or 14 per cent a year ago, according to the Ministry of Manpower labour market report released on Monday.
But the below secondary educated formed the largest group of unemployed residents at 21,300, or 31 per cent. Many of them were 40 years or older, making up 15,400 or 22 per cent of all unemployed residents.
'Consequently, long term unemployment for locals at both ends of the education spectrum more than doubled over the year. As at December 2008, 12,900 of the unemployed residents had been looking for work for at least 25 weeks, up from 8,700 in December 2007,' said MOM.
They formed 0.7 per cent of the resident labour force, higher than 0.5 per cent a year ago.
Fewer vacancies
There were 26,100 job vacancies in December, down by 27 per cent from September, and 30 per cent from a year ago.
Many industries reported fewer vacancies than a year ago. The major exception was community, social and personal services, supported by public sector hiring.
Together with higher unemployment, the seasonally adjusted ratio of job vacancies to unemployed persons fell for the fourth straight quarter to 51 openings for every 100 job seekers in December, said MOM. This is comparable to the level in December 2005.
Earnings down
Nominal earnings rose over the year by 2.4 per cent in the fourth quarter, lower than the 5.5 per cent in the preceding quarter. This cut the earnings growth in 2008 to 5.4 per cent over the 6.2 per cent in 2007.
After discounting for inflation which stood at 6.5 per cent in 2008, real earnings declined by 1.1 per cent for the year, after rising by 4 per cent in 2007.
Productivity falls
Dragged down by the contraction in output, labour productivity fell by 12 per cent in the fourth quarter, deeper than the 9 per cent drop in the earlier quarter. In 2008, productivity slid by 7.8 per cent, following the decline of 0.8 per cent in 2007.
'This reflected slower GDP growth and strong employment gains in the first half of 2008,' said MOM.
The labour market is available on the MOM's website at http://www.mom.gov.sg/mrsd/publication.
This is really worrying. Will this batch of graduating students and next batch of graduating students faced the same problems too?
- wong chee tat :)
Massive crowds throng IT Show 2009 closing day
Massive crowds throng IT Show 2009 closing day
By Satish Cheney, Channel NewsAsia
SINGAPORE: Despite the economic slump, IT Show 2009 generated a record S$58.5 million, which is S$4.5 million more than last year.
Vendors at the show were thrilled that customers came out in full force due to the massive bargains on offer.
The exhibition hall was not a place to be if you are claustrophobic. But if good bargains were what you were after, you were probably at Suntec Singapore over the weekend for the massive IT show.
It was one of the biggest exhibitions in Singapore with a floor area amounting to half a stadium.
But something you would never expect at a technology show happened on Saturday night - a technology glitch. For about an hour, customers were not able to make electronic payments as the lines went down.
One vendor reckoned her company lost at least S$30,000 as frustrated customers walked off.
But overall, vendors Channel NewsAsia spoke to said they were pleased with the better than expected turnout and remained bullish for upcoming exhibitions as well.
General manager of Epson Singapore, Felicia Gan, said: "Given that Singapore is a IT hub across the region - Singaporeans, youngsters are all IT freaks and gadget-savvy - so I think (the buying) will still happen. IT just changes too fast, so people will still buy (new gadgets)."
So, whether they were IT freaks or just gadget-savvy, it looked like Singaporeans just could not get enough of tech toys.
While many walked away with bargains, they also had to jostle with the large crowds. Coupled with the heavy rain, this resulted in a massive human jam at the adjoining underground City Link Mall, where many pedestrians tried to take shelter.
Callers to the MediaCorp news hotline said it was tough to get in or out of the underground mall. Mall operators closed some entrances to stop more people from entering and put marshals on duty.
- CNA/yt
For those who went to the IT Show, did you get anything?
- wong chee tat :)
By Satish Cheney, Channel NewsAsia
SINGAPORE: Despite the economic slump, IT Show 2009 generated a record S$58.5 million, which is S$4.5 million more than last year.
Vendors at the show were thrilled that customers came out in full force due to the massive bargains on offer.
The exhibition hall was not a place to be if you are claustrophobic. But if good bargains were what you were after, you were probably at Suntec Singapore over the weekend for the massive IT show.
It was one of the biggest exhibitions in Singapore with a floor area amounting to half a stadium.
But something you would never expect at a technology show happened on Saturday night - a technology glitch. For about an hour, customers were not able to make electronic payments as the lines went down.
One vendor reckoned her company lost at least S$30,000 as frustrated customers walked off.
But overall, vendors Channel NewsAsia spoke to said they were pleased with the better than expected turnout and remained bullish for upcoming exhibitions as well.
General manager of Epson Singapore, Felicia Gan, said: "Given that Singapore is a IT hub across the region - Singaporeans, youngsters are all IT freaks and gadget-savvy - so I think (the buying) will still happen. IT just changes too fast, so people will still buy (new gadgets)."
So, whether they were IT freaks or just gadget-savvy, it looked like Singaporeans just could not get enough of tech toys.
While many walked away with bargains, they also had to jostle with the large crowds. Coupled with the heavy rain, this resulted in a massive human jam at the adjoining underground City Link Mall, where many pedestrians tried to take shelter.
Callers to the MediaCorp news hotline said it was tough to get in or out of the underground mall. Mall operators closed some entrances to stop more people from entering and put marshals on duty.
- CNA/yt
For those who went to the IT Show, did you get anything?
- wong chee tat :)
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