Redundancies in Singapore hit 7-year high; highest since 2009 financial crisis
Posted 13 Dec 2016 11:11 Updated 13 Dec 2016 22:56
SINGAPORE: The number of workers laid off in Singapore hit a seven-year high in the first nine months of 2016 – the highest since the global financial crisis in 2009, figures released on Tuesday (Dec 13) by the Ministry of Manpower (MOM) showed.
A total of 13,730 workers were laid off in the first nine months of this year, an increase from the 10,220 during the same period last year and the highest since the first nine months of 2009 when 21,210 workers were laid off, according to the ministry’s quarterly labour market report.
During the third quarter, 4,220 workers were made redundant, down from the 4,800 in the previous quarter but higher than the 3,460 in the same quarter last year.
Professionals, managers, executives and technicians (PMETs) were more likely to be made redundant, the MOM report said. These workers formed the majority (73 per cent) of Singapore residents laid off during the quarter, and those with tertiary qualifications also formed the bulk of resident layoffs.
The overall unemployment rate remained unchanged at 2.1 per cent. Among Singaporeans, the unemployment rate was 3 per cent in September, down from 3.1 per cent in June, and among residents, it was 2.9 per cent, down from 3 per cent.
However, more job seekers were taking a longer time to find work, with the resident long-term unemployment rate rising to 0.8 per cent in September, up from 0.6 per cent a year ago and the highest September rate since 2009.
Total employment shrank by 2,700, the first decline in more than a year, MOM findings showed. The decline was primarily due to contractions in the manufacturing and construction industries, affecting mainly work permit holders. Over the first nine months, total employment grew by 14,500, but it was the lowest such growth since 2009.
“The contraction in total employment, heightened redundancy levels and decline in job vacancies to unemployed ratio reflect the current subdued global economic conditions and ongoing economic restructuring,” the ministry said.
It added that tripartite partners will continue to help affected workers look for new jobs.
- CNA/cy
- wong chee tat :)
Showing posts with label recessions. Show all posts
Showing posts with label recessions. Show all posts
Friday, December 16, 2016
Saturday, October 26, 2013
HDB resale transactions fall across all flat types in Q3
HDB resale transactions fall across all flat types in Q3
POSTED: 25 Oct 2013 10:46
UPDATED: 25 Oct 2013 23:24
HDB Resale Price Index (RPI) fell by 0.9 per cent in the third quarter of this year. This was a slightly bigger drop than the flash estimate of 0.7 per cent released earlier this month.
SINGAPORE: HDB Resale Price Index (RPI) fell by 0.9 per cent in the third quarter of this year.
This was a slightly bigger drop than the flash estimate of 0.7 per cent released earlier this month.
The last time resale flat prices dipped was at the start of 2009, when the recession hit.
Prices have been on the upward trend since and reached a peak in the second quarter of this year, when prices went up by 0.5 per cent.
The volume of resale transactions has also gone down.
There were 5,235 transactions in the second quarter, and this fell 13 per cent to 4,529 in the third quarter.
It is also a 27 per cent drop compared to the same period last year.
Analysts say one reason for the drop is the ramped up supply of Build-To-Order (BTO) flats.
Next month, HDB will offer about 4,950 BTO flats in areas such as Bukit Batok and Hougang. Another 3,000 balance flats will also be on offer concurrently.
In all, HDB say it is on track to launch 25,000 BTO flats for the whole of this year.
Steven Tan, Managing Director of OrangeTee, said: "There was a shift in buying demand from HDB resale flats to BTO flats. Many buyers were enticed by the affordable pricing of BTO and the attractive CPF housing grants. Singles are also allowed to buy BTO flats."
Another reason is the new restriction imposed on permanent residents (PRs), who have to wait three years before being allowed to buy a resale flat.
Mr Tan added: "This policy actually caused quite a big impact because PRs are the buyers who are willing to pay a higher price for the resale flats."
Loan restrictions introduced earlier in the year could have also played a part.
But some analysts say events beyond Singapore's shores have also affected investor sentiments in the third quarter.
In particular, the announcement in May that US federal authorities are considering tapering its monetary stimulus programme sparked concerns of global interest rate hikes.
However, this decision has since been postponed.
Colin Tan, Director and Head of Research & Consultancy at Suntec Real Estate Consultants, said: "The US Federal authorities are thinking of unwinding their monetary policy, or having a looser monetary policy, which means there's this fear of interest rates hikes.
“This fear that investors have is that when interest rates go up, prices might come down. I think in that sense, most investors decided to wait on the sidelines and this has also affected HDB investors.
“Most upgraders would want to keep their HDB flat because of the ruling that once you sell you can't get back in. So some of these HDB investors may start to have cold feet, because there (were) three months of very weak sentiments."
In the rental market, subletting transactions also fell, slipping 5 per cent from 7,891 cases in the second quarter to 7,505 cases in Q3.
Some property analysts expect the HDB resale price growth for this whole year to come in around zero to one per cent.
This is down from 6.6 per cent last year, and double digit growth in the two years before that.
- CNA/xq/gn
- wong chee tat :)
POSTED: 25 Oct 2013 10:46
UPDATED: 25 Oct 2013 23:24
HDB Resale Price Index (RPI) fell by 0.9 per cent in the third quarter of this year. This was a slightly bigger drop than the flash estimate of 0.7 per cent released earlier this month.
SINGAPORE: HDB Resale Price Index (RPI) fell by 0.9 per cent in the third quarter of this year.
This was a slightly bigger drop than the flash estimate of 0.7 per cent released earlier this month.
The last time resale flat prices dipped was at the start of 2009, when the recession hit.
Prices have been on the upward trend since and reached a peak in the second quarter of this year, when prices went up by 0.5 per cent.
The volume of resale transactions has also gone down.
There were 5,235 transactions in the second quarter, and this fell 13 per cent to 4,529 in the third quarter.
It is also a 27 per cent drop compared to the same period last year.
Analysts say one reason for the drop is the ramped up supply of Build-To-Order (BTO) flats.
Next month, HDB will offer about 4,950 BTO flats in areas such as Bukit Batok and Hougang. Another 3,000 balance flats will also be on offer concurrently.
In all, HDB say it is on track to launch 25,000 BTO flats for the whole of this year.
Steven Tan, Managing Director of OrangeTee, said: "There was a shift in buying demand from HDB resale flats to BTO flats. Many buyers were enticed by the affordable pricing of BTO and the attractive CPF housing grants. Singles are also allowed to buy BTO flats."
Another reason is the new restriction imposed on permanent residents (PRs), who have to wait three years before being allowed to buy a resale flat.
Mr Tan added: "This policy actually caused quite a big impact because PRs are the buyers who are willing to pay a higher price for the resale flats."
Loan restrictions introduced earlier in the year could have also played a part.
But some analysts say events beyond Singapore's shores have also affected investor sentiments in the third quarter.
In particular, the announcement in May that US federal authorities are considering tapering its monetary stimulus programme sparked concerns of global interest rate hikes.
However, this decision has since been postponed.
Colin Tan, Director and Head of Research & Consultancy at Suntec Real Estate Consultants, said: "The US Federal authorities are thinking of unwinding their monetary policy, or having a looser monetary policy, which means there's this fear of interest rates hikes.
“This fear that investors have is that when interest rates go up, prices might come down. I think in that sense, most investors decided to wait on the sidelines and this has also affected HDB investors.
“Most upgraders would want to keep their HDB flat because of the ruling that once you sell you can't get back in. So some of these HDB investors may start to have cold feet, because there (were) three months of very weak sentiments."
In the rental market, subletting transactions also fell, slipping 5 per cent from 7,891 cases in the second quarter to 7,505 cases in Q3.
Some property analysts expect the HDB resale price growth for this whole year to come in around zero to one per cent.
This is down from 6.6 per cent last year, and double digit growth in the two years before that.
- CNA/xq/gn
- wong chee tat :)
Monday, November 12, 2012
S'pore needs to restructure economy to sustain growth: Tharman
S'pore needs to restructure economy to sustain growth: Tharman
Posted: 11 November 2012 2350 hrs
SINGAPORE: Deputy Prime Minister Tharman Shanmugaratnam said Singapore's economic growth will be weak in the short-term mainly because of the gloomy world economy.
And the challenge for Singapore, he said, is to restructure its economy to ensure sustained growth over the long-term.
Mr Tharman, who's also Finance Minister, was speaking to reporters on the sidelines of a community event in his Jurong GRC.
Many countries in the world are now bracing themselves for the possibility of a "fiscal cliff" in the US.
This means a huge economic crisis may be looming for the US - if its deeply divided Congress is not able to come to an agreement.
Congress, which is made up of the House of Representatives and Senate, will still be controlled by two parties in the new Obama administration.
The Republicans regained control of the House, while the Senate is dominated by the Democrats.
Mr Tharman pointed out that even if the US gets past this hurdle, the bigger challenge is to put its mid-term budget on a more sustainable path for the years ahead in order to restore investor confidence.
He said: "That's what's necessary to really get the economy to restart. And it requires common ground to be found on both taxes and spending on the parts of the Democrats and the Republicans.
"The experience of the first term was one of intense partisanship. Hopefully in the second term, there will be a willingness to find common ground. The initial signs are positive but it's too early to say."
The effects of sluggish growth in the US and Eurozone are likely to cascade to Singapore, even though Mr Tharman said Asia continues to do reasonably well.
"Demand will be weak, but our real challenge in Singapore is in restructuring our economy. We've got to persevere in restructuring our economy so that we can get sustained growth over the long term, over the next five to 10 years based on productivity growth. That's the big challenge. Demand will be weak in the short term but it's not a fundamental problem for us because our unemployment rate is low, and that's the bottom line of the short-term. Unemployment rate is low, jobs are available and training places are available. Our real challenge therefore is to focus on restructuring our economy so that we can move one whole level higher - productivity, skills, expertise," Mr Tharman shared.
He said this means using management methods and technology to improve efficiency and productivity so that workers can get paid more.
"They can have more satisfying jobs and we can grow our economy without growing employment year after year, especially foreign employment. So we got to find the right balance. It's something that affects every sector of the economy. And, we look at the most developed countries and we can see how it's done. They too went through that transition. In some cases not very long ago, they went through the same transition. They ramp up on labour and they have to upgrade, do with less labour, but using technology and everyone playing that part, including customers, everyone playing that part. You can move up to a higher level. That way, our workers can get good wages, get good jobs," he said.
Mr Tharman added that the government will provide every form of support to help companies, especially small and medium enterprises, to make this transition.
- CNA/ck
- wong chee tat :)
Posted: 11 November 2012 2350 hrs
SINGAPORE: Deputy Prime Minister Tharman Shanmugaratnam said Singapore's economic growth will be weak in the short-term mainly because of the gloomy world economy.
And the challenge for Singapore, he said, is to restructure its economy to ensure sustained growth over the long-term.
Mr Tharman, who's also Finance Minister, was speaking to reporters on the sidelines of a community event in his Jurong GRC.
Many countries in the world are now bracing themselves for the possibility of a "fiscal cliff" in the US.
This means a huge economic crisis may be looming for the US - if its deeply divided Congress is not able to come to an agreement.
Congress, which is made up of the House of Representatives and Senate, will still be controlled by two parties in the new Obama administration.
The Republicans regained control of the House, while the Senate is dominated by the Democrats.
Mr Tharman pointed out that even if the US gets past this hurdle, the bigger challenge is to put its mid-term budget on a more sustainable path for the years ahead in order to restore investor confidence.
He said: "That's what's necessary to really get the economy to restart. And it requires common ground to be found on both taxes and spending on the parts of the Democrats and the Republicans.
"The experience of the first term was one of intense partisanship. Hopefully in the second term, there will be a willingness to find common ground. The initial signs are positive but it's too early to say."
The effects of sluggish growth in the US and Eurozone are likely to cascade to Singapore, even though Mr Tharman said Asia continues to do reasonably well.
"Demand will be weak, but our real challenge in Singapore is in restructuring our economy. We've got to persevere in restructuring our economy so that we can get sustained growth over the long term, over the next five to 10 years based on productivity growth. That's the big challenge. Demand will be weak in the short term but it's not a fundamental problem for us because our unemployment rate is low, and that's the bottom line of the short-term. Unemployment rate is low, jobs are available and training places are available. Our real challenge therefore is to focus on restructuring our economy so that we can move one whole level higher - productivity, skills, expertise," Mr Tharman shared.
He said this means using management methods and technology to improve efficiency and productivity so that workers can get paid more.
"They can have more satisfying jobs and we can grow our economy without growing employment year after year, especially foreign employment. So we got to find the right balance. It's something that affects every sector of the economy. And, we look at the most developed countries and we can see how it's done. They too went through that transition. In some cases not very long ago, they went through the same transition. They ramp up on labour and they have to upgrade, do with less labour, but using technology and everyone playing that part, including customers, everyone playing that part. You can move up to a higher level. That way, our workers can get good wages, get good jobs," he said.
Mr Tharman added that the government will provide every form of support to help companies, especially small and medium enterprises, to make this transition.
- CNA/ck
- wong chee tat :)
尚达曼：短期内我国经济增长将会变得疲弱
11/11/2012
尚达曼：短期内我国经济增长将会变得疲弱
副总理尚达曼说：受环球经济低迷影响，短期内我国经济增长将会变得疲弱。
也是财政部长的尚达曼在出席裕廊集选区的社区活动时，告诉媒体：如何重组我国经济，确保能取得长期和持续的增长，将是我国面对的挑战。
目前，许多国家正在为美国可能出现的"财政悬崖"做好准备，担心由民主党和共和党分别控制的参众两院无法对财政预算达成共识。
尚达曼指出：即使美国成功克服这项挑战，更为严峻的问题是如何制定更具持续性的中期预算，以便恢复投资者的信心。他说：尽管亚洲经济表现出色，但美国和欧元区的疲弱经济增长，肯定会影响我国。
尚达曼说：短期内，需求会显得疲弱，不过这对我国来说问题不大，因为本地的失业率偏低。我国面对的真正挑战是如何重组经济，进一步提高生产力、技能和专业知识。
他指出，这意味着当局必须通过管理手段和科技，提高效率和生产力，以便让员工能赚取更高的收入。
尚达曼说：这样国人就能拥有让他们感到满足的工作，同时我国经济又能在无需每年取得就业增长，尤其是外国人力就业增长的情况下，继续发展。我国必须在这当中取得平衡。多数发达国家已经完成这个过渡期。
他也强调：政府将为企业，尤其是中小型企业提供各种支持，协助他们度过这个过渡期。
- wong chee tat :)
尚达曼：短期内我国经济增长将会变得疲弱
副总理尚达曼说：受环球经济低迷影响，短期内我国经济增长将会变得疲弱。
也是财政部长的尚达曼在出席裕廊集选区的社区活动时，告诉媒体：如何重组我国经济，确保能取得长期和持续的增长，将是我国面对的挑战。
目前，许多国家正在为美国可能出现的"财政悬崖"做好准备，担心由民主党和共和党分别控制的参众两院无法对财政预算达成共识。
尚达曼指出：即使美国成功克服这项挑战，更为严峻的问题是如何制定更具持续性的中期预算，以便恢复投资者的信心。他说：尽管亚洲经济表现出色，但美国和欧元区的疲弱经济增长，肯定会影响我国。
尚达曼说：短期内，需求会显得疲弱，不过这对我国来说问题不大，因为本地的失业率偏低。我国面对的真正挑战是如何重组经济，进一步提高生产力、技能和专业知识。
他指出，这意味着当局必须通过管理手段和科技，提高效率和生产力，以便让员工能赚取更高的收入。
尚达曼说：这样国人就能拥有让他们感到满足的工作，同时我国经济又能在无需每年取得就业增长，尤其是外国人力就业增长的情况下，继续发展。我国必须在这当中取得平衡。多数发达国家已经完成这个过渡期。
他也强调：政府将为企业，尤其是中小型企业提供各种支持，协助他们度过这个过渡期。
- wong chee tat :)
Friday, October 19, 2012
2 in 5 SMEs face challenges in recruiting, retaining talent: survey
2 in 5 SMEs face challenges in recruiting, retaining talent: survey
Posted: 18 October 2012 1857 hrs
SINGAPORE : Two in five small and medium enterprises (SMEs) in Singapore face challenges in recruiting and retaining talent, due mainly to salary constraints.
According to a survey by the Singapore Institute of Management (SIM), talent management is the top challenge cited by managers across all levels.
About half of the respondents covered in the SIM Management Monitor felt they have not been effective in recruiting and retaining talent and blame the lack of competitive salaries for this.
Nearly all the managers surveyed indicated 'people' as the most critical factor to ensuring future growth and vitality of the SME sector in Singapore.
The survey also found that managers are satisfied with their jobs and are positive about career prospects but cautious about the global economy.
The majority, or 74 per cent, are satisfied with their current jobs.
C-suite executives, or the company's most important senior executives, expressed the most satisfaction - at 84 per cent - compared with mid-level management - at 70 per cent.
Managers in Singapore are more positive about the economy now, compared with 2009 during the global recession when the survey was first done.
In 2012, 45 per cent of the respondents are positive about Singapore's economic outlook, compared with only 12 per cent in 2009.
However, 40 per cent surveyed this year are ambivalent about the local economy, compared with 27 per cent in 2009.
As for the global economy, 16 per cent expressed optimism, compared with 6 per cent in 2009.
However, the majority still feel negatively about the global economy.
The stronger positive sentiments are reflected in how the managers feel about their jobs.
Wilson Wong, senior lecturer at SIM University's School of Business, said managers are generally more positive about the Singapore economy, and by extension their career prospects, as the country's top three trading partners - Malaysia, China and Indonesia - are still posting robust economic growth.
He warned that the ambivalence about the local and global economies could increase given that global macroeconomic fundamentals have worsened since the last quarter.
On the productivity front, one in two SMEs supports the government's call for productivity but 32 per cent also felt that the government is not doing enough to help them become more productive.
On their own, two in three SMEs have put in place some productivity measures, such as sending more staff for courses, as well as upgrading current equipment and technology.
Those who did not do so cited financial and time constraints.
More than 780 managers based in Singapore were interviewed in the survey between June and July 2012.
- CNA/ms
- wong chee tat :)
Posted: 18 October 2012 1857 hrs
SINGAPORE : Two in five small and medium enterprises (SMEs) in Singapore face challenges in recruiting and retaining talent, due mainly to salary constraints.
According to a survey by the Singapore Institute of Management (SIM), talent management is the top challenge cited by managers across all levels.
About half of the respondents covered in the SIM Management Monitor felt they have not been effective in recruiting and retaining talent and blame the lack of competitive salaries for this.
Nearly all the managers surveyed indicated 'people' as the most critical factor to ensuring future growth and vitality of the SME sector in Singapore.
The survey also found that managers are satisfied with their jobs and are positive about career prospects but cautious about the global economy.
The majority, or 74 per cent, are satisfied with their current jobs.
C-suite executives, or the company's most important senior executives, expressed the most satisfaction - at 84 per cent - compared with mid-level management - at 70 per cent.
Managers in Singapore are more positive about the economy now, compared with 2009 during the global recession when the survey was first done.
In 2012, 45 per cent of the respondents are positive about Singapore's economic outlook, compared with only 12 per cent in 2009.
However, 40 per cent surveyed this year are ambivalent about the local economy, compared with 27 per cent in 2009.
As for the global economy, 16 per cent expressed optimism, compared with 6 per cent in 2009.
However, the majority still feel negatively about the global economy.
The stronger positive sentiments are reflected in how the managers feel about their jobs.
Wilson Wong, senior lecturer at SIM University's School of Business, said managers are generally more positive about the Singapore economy, and by extension their career prospects, as the country's top three trading partners - Malaysia, China and Indonesia - are still posting robust economic growth.
He warned that the ambivalence about the local and global economies could increase given that global macroeconomic fundamentals have worsened since the last quarter.
On the productivity front, one in two SMEs supports the government's call for productivity but 32 per cent also felt that the government is not doing enough to help them become more productive.
On their own, two in three SMEs have put in place some productivity measures, such as sending more staff for courses, as well as upgrading current equipment and technology.
Those who did not do so cited financial and time constraints.
More than 780 managers based in Singapore were interviewed in the survey between June and July 2012.
- CNA/ms
- wong chee tat :)
Sunday, March 14, 2010
Economists raise 2010 growth outlook for Singapore to 6.5%
Economists raise 2010 growth outlook for Singapore to 6.5%
By Desmond Wong | Posted: 10 March 2010 1229 hrs
By Desmond Wong | Posted: 10 March 2010 1229 hrs
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SINGAPORE: Economists have upped their growth outlook for
Singapore as the city-state's key industries continue to rebound from
last year's recession, according to a central bank poll.
The Monetary Authority of Singapore's survey of 20 private-sector economists showed they expected average growth of 6.5 per cent this year, higher than the previous forecast of 5.5 per cent in December.
The economists also raised their outlook for the island-state's major industries including manufacturing, which is now predicted to expand an annual 9.7 per cent this year - higher than the previous forecast of 6.3 per cent.
Wholesale and retail trade is seen growing 8.4 per cent instead of 7.0 per cent while construction is tipped to expand 8.9 per cent, from a previous projection of 7.1 per cent.
The government in February upgraded its 2010 economic growth outlook to 4.5-6.5 per cent from 3.0-5.0 per cent.
Singapore's economy contracted 2.0 per cent last year due to the global economic downturn. But it has managed to pull out of recession and rebounded strongly.
Improving global trade and continued consumption by major Asian markets like China spurred a rapid recovery in the beginning of this year.
Song Seng Wun, regional economist at CIMB-GK Research, said: "We see a very strong start to the year for the manufacturing sector, led by the pharmaceuticals sector, as well as a firmer contribution from the tech sector itself. So, collectively it looks like we're off to a very strong start for the year, and for the first quarter. Indeed the first-half performance may lift the overall figures for the full year itself."
Private-sector economists surveyed by the central bank said they expected GDP growth of 9.5 per cent for the first quarter.
Sector-wise, they said the long-term prospects for the financial services sector remain strong although it is expected to lag behind the others in the first quarter.
David Cohen, director of Asian economic forecasting at Action Economics, said: "Those numbers can fluctuate quarter on quarter, and as far as the financial services, the outlook is still bright in the long term. The fact that the stock market has bounced back nicely from a year ago should help support investment activity."
As for 2011, GDP growth estimates for Singapore came in at 5.5 percent. Experts said the lower expectation is the result of the inventory restocking cycle being over, and concerns over the pace of recovery in the more developed OECD economies.
- CNA/yb/ir
The Monetary Authority of Singapore's survey of 20 private-sector economists showed they expected average growth of 6.5 per cent this year, higher than the previous forecast of 5.5 per cent in December.
The economists also raised their outlook for the island-state's major industries including manufacturing, which is now predicted to expand an annual 9.7 per cent this year - higher than the previous forecast of 6.3 per cent.
Wholesale and retail trade is seen growing 8.4 per cent instead of 7.0 per cent while construction is tipped to expand 8.9 per cent, from a previous projection of 7.1 per cent.
The government in February upgraded its 2010 economic growth outlook to 4.5-6.5 per cent from 3.0-5.0 per cent.
Singapore's economy contracted 2.0 per cent last year due to the global economic downturn. But it has managed to pull out of recession and rebounded strongly.
Improving global trade and continued consumption by major Asian markets like China spurred a rapid recovery in the beginning of this year.
Song Seng Wun, regional economist at CIMB-GK Research, said: "We see a very strong start to the year for the manufacturing sector, led by the pharmaceuticals sector, as well as a firmer contribution from the tech sector itself. So, collectively it looks like we're off to a very strong start for the year, and for the first quarter. Indeed the first-half performance may lift the overall figures for the full year itself."
Private-sector economists surveyed by the central bank said they expected GDP growth of 9.5 per cent for the first quarter.
Sector-wise, they said the long-term prospects for the financial services sector remain strong although it is expected to lag behind the others in the first quarter.
David Cohen, director of Asian economic forecasting at Action Economics, said: "Those numbers can fluctuate quarter on quarter, and as far as the financial services, the outlook is still bright in the long term. The fact that the stock market has bounced back nicely from a year ago should help support investment activity."
As for 2011, GDP growth estimates for Singapore came in at 5.5 percent. Experts said the lower expectation is the result of the inventory restocking cycle being over, and concerns over the pace of recovery in the more developed OECD economies.
- CNA/yb/ir
- wong chee tat :)
Sunday, March 7, 2010
Singapore's ICT sector grew despite recession in 2009
Singapore's ICT sector grew despite recession in 2009
By Lynda Hong, Channel NewsAsia | Posted: 06 March 2010 2233 hrs
By Lynda Hong, Channel NewsAsia | Posted: 06 March 2010 2233 hrs
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SINGAPORE : Despite the economic downturn last year, the
information and communications sector was the only area that saw growth.
And this trend is set to continue in 2010.
In addition, more jobs can be expected in the infocomm industry.
Last year, the strong areas of employment growth included digital media and animation, software development and research & development.
Acting Information, Communications and the Arts Minister Lui Tuck Yew said this at a gala dinner for the industry on Friday night.
He said the government will continue to ensure Singapore continues to maintain a pro-infocomm and pro-business environment - all to make Singapore an ideal place for investment.
Mr Lui said: "I expect IT spending to go up. The prognosis for the IT sector for 2010 is good. We know that in 2009, despite the downturn, it was one of the bright spots in terms of economic performance.
"For 2010, both the IDA (Infocomm Development Authority of Singapore) survey, and the SITF (Singapore Infocomm Technology Federation) survey indicated that 70 per cent or more of the companies have plans to expand their operations.
"2010 will be an even better year for them. And we think that this will result in more hiring and more opportunities for people."
As for homes, more than eight in 10 households are now connected to the internet. This is one of the fastest growth in years.
In 2008, three out of four households had an internet connection.
In addition, more jobs can be expected in the infocomm industry.
Last year, the strong areas of employment growth included digital media and animation, software development and research & development.
Acting Information, Communications and the Arts Minister Lui Tuck Yew said this at a gala dinner for the industry on Friday night.
He said the government will continue to ensure Singapore continues to maintain a pro-infocomm and pro-business environment - all to make Singapore an ideal place for investment.
Mr Lui said: "I expect IT spending to go up. The prognosis for the IT sector for 2010 is good. We know that in 2009, despite the downturn, it was one of the bright spots in terms of economic performance.
"For 2010, both the IDA (Infocomm Development Authority of Singapore) survey, and the SITF (Singapore Infocomm Technology Federation) survey indicated that 70 per cent or more of the companies have plans to expand their operations.
"2010 will be an even better year for them. And we think that this will result in more hiring and more opportunities for people."
As for homes, more than eight in 10 households are now connected to the internet. This is one of the fastest growth in years.
In 2008, three out of four households had an internet connection.
-
CNA/ms
- wong chee tat :)
Tuesday, June 16, 2009
IDA investing S$20m to help IT grads and professionals
IDA investing S$20m to help IT grads and professionals
By Valarie Tan, Channel NewsAsia Posted: 16 June 2009 1116 hrs
SINGAPORE: The Infocomm Development Authority (IDA) is investing S$20 million to help IT graduates and professionals stay employed during the current recession.
The money will be spent on two new programmes – iTAP (Infocomm Training and Attachment Programme) and iLEAD (Infocomm Leadership and Development Programme) – which are expected to benefit 1,000 people over the next two years.
iTAP offers attachment opportunities for fresh IT graduates and professionals at MNCs, local companies and start-ups.
Under iLEAD, IDA will work with the infocomm industry to prepare a pool of professionals for new growth areas through internships and specialised courses.
Acting Minister for Communications and the Arts Lui Tuck Yew gave these details at the official opening of Infocomm Media Business Exchange (imbX) 2009 on Tuesday morning.
He also announced that the Wireless@SG programme, which was launched in 2006, to complement connectivity in the home and office, will be enhanced and extended for another four years till March 2013.
The enhancements include improvements to access speeds of up to 1 Mbps, using a new seamless log-in process.
More services over Wireless@SG, such as cashless payments, location-based and facility-monitoring services, will also be introduced.
- CNA/so
- wong chee tat :)
By Valarie Tan, Channel NewsAsia Posted: 16 June 2009 1116 hrs
SINGAPORE: The Infocomm Development Authority (IDA) is investing S$20 million to help IT graduates and professionals stay employed during the current recession.
The money will be spent on two new programmes – iTAP (Infocomm Training and Attachment Programme) and iLEAD (Infocomm Leadership and Development Programme) – which are expected to benefit 1,000 people over the next two years.
iTAP offers attachment opportunities for fresh IT graduates and professionals at MNCs, local companies and start-ups.
Under iLEAD, IDA will work with the infocomm industry to prepare a pool of professionals for new growth areas through internships and specialised courses.
Acting Minister for Communications and the Arts Lui Tuck Yew gave these details at the official opening of Infocomm Media Business Exchange (imbX) 2009 on Tuesday morning.
He also announced that the Wireless@SG programme, which was launched in 2006, to complement connectivity in the home and office, will be enhanced and extended for another four years till March 2013.
The enhancements include improvements to access speeds of up to 1 Mbps, using a new seamless log-in process.
More services over Wireless@SG, such as cashless payments, location-based and facility-monitoring services, will also be introduced.
- CNA/so
- wong chee tat :)
Monday, June 15, 2009
S'pore's Q1 labour market sees 1st quarterly contraction in nearly 6 years
S'pore's Q1 labour market sees 1st quarterly contraction in nearly 6 years
By S.Ramesh, Channel NewsAsia | Posted: 15 June 2009 1026 hrs
This means the number of workers who left their jobs outstripped those who got hired.
The Manpower Ministry said falling external demand has severely affected the manufacturing sector, and along with employment losses in the external-oriented services industries more than offset gains in the domestic services and construction sectors.
At home, construction employment grew by 8,300 but less than the gains of 10,700 in the previous quarter.
Services added 7,500 workers, which was again substantially lower than the gains in the fourth quarter of 2008 which stood at 17,300.
The gains came mainly from community, social and personal services, supported by public sector hiring.
However, services industries with external exposure like hotels and restaurants went into the red and netted 2700 jobs, while financial services saw a net loss of 1,900 jobs.
Transport and storage and wholesale and retail trade were similarly affected.
- CNA/vm
- wong chee tat :)
Sunday, June 7, 2009
Average income of low-wage workers up by 9% over past two years
Average income of low-wage workers up by 9% over past two years
By Hoe Yeen Nie, Channel NewsAsia | Posted: 07 June 2009 2115 hrs
SINGAPORE: Low-wage workers, who form 20 per cent of the workforce in Singapore, are earning more now compared to what they did in 2006.
For instance, workers who earned about S$1,200 have seen wages rise by 9 per cent, according to the latest government report. But as the economy worsens, bigger challenges lie ahead.
Zalina Abdul Gani is one worker who has benefited from various government schemes designed to give low-wage employees a leg-up.
She took a course with the Workforce Development Agency (WDA) and with the help of her local community development council, found a job as a kitchen helper at a sushi chain.
"I was working full-time at Hei Sushi, but because of the recession, I switched to part-time. I accept it – it's better than not having any job, or being retrenched," Madam Zalina said.
In a progress report on low-wage workers, those who earned a monthly wage of S$1,200 in 2006 saw their salary go up to S$1,310 last year.
The number of low-wage workers – defined as those who earned S$1,200 or less in gross monthly income – has also gone down.
For instance, the number of low-income employees has fallen from 360,000 in 2006 to 300,000 in 2008. The income gap also narrowed in 2008 – the first such decline in a decade.
But those were the boom years.
With Singapore stuck in a deepening recession and retrenchments set to rise, the outlook for low-wage workers is not great.
From 2006 to 2008, the government spent over S$1.1 billion to help low-wage Singaporeans. It is presently reviewing its programmes, such as the Workfare Income Supplement scheme, to see what else it can do.
Manpower Minister Gan Kim Yong said: "This economic downturn will affect Singaporeans across the board, whichever wage category you're in. But we'll continue to monitor and help the low-wage workers.
"For those who've tried very hard and yet are unable to find a job for a variety of reasons, there will still be help schemes under the normal Comcare Fund, which the MPs and the community administer. They can approach their MPs for help, specifically if they have financial difficulties."
At a dialogue session with Tanjong Pagar GRC residents on Sunday, the issue of foreign workers and foreign talent came up again, with many expressing concerns over what they saw as unfair competition.
"Singaporeans are affected. Some of them have lost their jobs and rightly or wrongly, they think the foreigners are taking away their jobs. I think we can understand and empathise with the feelings," said Mr Gan.
"To keep the foreigners out may be very appealing to the locals, but it may not be the right approach for Singapore in the long term because it will then undermine the basic economic fundamentals. And if we do so, it will affect our long-term economic position."
The manpower minister added that the government will work the ground better to explain its policy, especially during the downturn, when tensions between foreigners and Singaporeans are expected to rise.
- CNA/so
- wong chee tat :)
By Hoe Yeen Nie, Channel NewsAsia | Posted: 07 June 2009 2115 hrs
SINGAPORE: Low-wage workers, who form 20 per cent of the workforce in Singapore, are earning more now compared to what they did in 2006.
For instance, workers who earned about S$1,200 have seen wages rise by 9 per cent, according to the latest government report. But as the economy worsens, bigger challenges lie ahead.
Zalina Abdul Gani is one worker who has benefited from various government schemes designed to give low-wage employees a leg-up.
She took a course with the Workforce Development Agency (WDA) and with the help of her local community development council, found a job as a kitchen helper at a sushi chain.
"I was working full-time at Hei Sushi, but because of the recession, I switched to part-time. I accept it – it's better than not having any job, or being retrenched," Madam Zalina said.
In a progress report on low-wage workers, those who earned a monthly wage of S$1,200 in 2006 saw their salary go up to S$1,310 last year.
The number of low-wage workers – defined as those who earned S$1,200 or less in gross monthly income – has also gone down.
For instance, the number of low-income employees has fallen from 360,000 in 2006 to 300,000 in 2008. The income gap also narrowed in 2008 – the first such decline in a decade.
But those were the boom years.
With Singapore stuck in a deepening recession and retrenchments set to rise, the outlook for low-wage workers is not great.
From 2006 to 2008, the government spent over S$1.1 billion to help low-wage Singaporeans. It is presently reviewing its programmes, such as the Workfare Income Supplement scheme, to see what else it can do.
Manpower Minister Gan Kim Yong said: "This economic downturn will affect Singaporeans across the board, whichever wage category you're in. But we'll continue to monitor and help the low-wage workers.
"For those who've tried very hard and yet are unable to find a job for a variety of reasons, there will still be help schemes under the normal Comcare Fund, which the MPs and the community administer. They can approach their MPs for help, specifically if they have financial difficulties."
At a dialogue session with Tanjong Pagar GRC residents on Sunday, the issue of foreign workers and foreign talent came up again, with many expressing concerns over what they saw as unfair competition.
"Singaporeans are affected. Some of them have lost their jobs and rightly or wrongly, they think the foreigners are taking away their jobs. I think we can understand and empathise with the feelings," said Mr Gan.
"To keep the foreigners out may be very appealing to the locals, but it may not be the right approach for Singapore in the long term because it will then undermine the basic economic fundamentals. And if we do so, it will affect our long-term economic position."
The manpower minister added that the government will work the ground better to explain its policy, especially during the downturn, when tensions between foreigners and Singaporeans are expected to rise.
- CNA/so
- wong chee tat :)
Wednesday, April 22, 2009
1-in-3 Singapore professionals "happy" to take up contract work
1-in-3 Singapore professionals "happy" to take up contract work
By Hoe Yeen Nie, Channel NewsAsia | Posted: 22 April 2009 1946 hrs
SINGAPORE: A survey has shown that one in three professional workers in Singapore are happy to take on contract work, but this figure still falls short of the global average of one in two.
The web poll by recruitment consultant Robert Walters saw 4,288 respondents from 17 countries.
700 respondents were from Singapore; of which half said they would consider contract work only if permanent positions were not available. 17 per cent said they would not consider contract work at all.
Across the Asia Pacific, those from Australia and New Zealand were most open to the idea, with six in 10 responding favourably.
42 per cent of professionals in Hong Kong said they would be happy to take on contract work; an equal proportion would consider it if there were no permanent openings; while 16 per cent said no to contract work.
Robert Walters said the numbers reflected more realistic attitudes in the economic downturn.
- CNA/yt
Does this reflect changing of attitudes in the current situation? What do you think?
- wong chee tat :)
By Hoe Yeen Nie, Channel NewsAsia | Posted: 22 April 2009 1946 hrs
SINGAPORE: A survey has shown that one in three professional workers in Singapore are happy to take on contract work, but this figure still falls short of the global average of one in two.
The web poll by recruitment consultant Robert Walters saw 4,288 respondents from 17 countries.
700 respondents were from Singapore; of which half said they would consider contract work only if permanent positions were not available. 17 per cent said they would not consider contract work at all.
Across the Asia Pacific, those from Australia and New Zealand were most open to the idea, with six in 10 responding favourably.
42 per cent of professionals in Hong Kong said they would be happy to take on contract work; an equal proportion would consider it if there were no permanent openings; while 16 per cent said no to contract work.
Robert Walters said the numbers reflected more realistic attitudes in the economic downturn.
- CNA/yt
Does this reflect changing of attitudes in the current situation? What do you think?
- wong chee tat :)
Tuesday, April 7, 2009
CDCs see more people seeking help for jobs
CDCs see more people seeking help for jobs
By Satish Cheney, Channel NewsAsia
SINGAPORE: The number of people seeking job help from Singapore's five Community Development Councils (CDCs) is rising fast.
In January, there were about 14,000. The number rose past 17,000 in February.
According to Central Singapore CDC, retrenched workers make up about 10 to 20 per cent of those seeking help at its career centre.
To meet demand, CDC career centres have been beefing up their services over the past few months.
More staff have also been hired to cope with the workload, and new initiatives started to give applicants training in jobseeking skills.
Manpower Minister Gan Kim Yong was briefed on these measures at the Central Singapore CDC on Tuesday.
He said that the CDCs are also provided with job counsellors who work with the professionals, managers, executives and technicians or PMETs to assess their employment and training needs so as to better prepare them for job placements.
The CDCs are collaborating with other agencies as well as self-help groups to coordinate job placement efforts.
To help the PMETs, the CDCs have come up with new initiatives such as workshops and seminars. The first such programme was started in January. 50 people took part, and 80 per cent of them have found jobs.
- CNA/ir
- wong chee tat :)
By Satish Cheney, Channel NewsAsia
SINGAPORE: The number of people seeking job help from Singapore's five Community Development Councils (CDCs) is rising fast.
In January, there were about 14,000. The number rose past 17,000 in February.
According to Central Singapore CDC, retrenched workers make up about 10 to 20 per cent of those seeking help at its career centre.
To meet demand, CDC career centres have been beefing up their services over the past few months.
More staff have also been hired to cope with the workload, and new initiatives started to give applicants training in jobseeking skills.
Manpower Minister Gan Kim Yong was briefed on these measures at the Central Singapore CDC on Tuesday.
He said that the CDCs are also provided with job counsellors who work with the professionals, managers, executives and technicians or PMETs to assess their employment and training needs so as to better prepare them for job placements.
The CDCs are collaborating with other agencies as well as self-help groups to coordinate job placement efforts.
To help the PMETs, the CDCs have come up with new initiatives such as workshops and seminars. The first such programme was started in January. 50 people took part, and 80 per cent of them have found jobs.
- CNA/ir
- wong chee tat :)
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 :)
Friday, February 27, 2009
4,800 flock to job fair
4,800 flock to job fair
On offer: 3,000 places in the service industry
By Tessa Wong
Job-seekers crowding the Jelutung Community Club in Sembawang, where more than 40 employers were offering posts in the service sector at a job fair organised by North West CDC yesterday. In a sign of increasingly hard times, more than 1,000 hopefuls turned up at the job fair within the first hour.
WHEN organisers of a job fair at Jelutong Community Centre in Sembawang opened the doors at 9.30 am yesterday, they were greeted by a long line of waiting people.
Over 1,000 arrived within the first hour of the North West Community Development Council's (CDC) job fair yesterday. By the time it ended at 4.30pm, the number had risen to 4,800.
The event brought together 40 service industry employers offering more than 3,000 jobs and was the largest recruitment fair organised by a CDC.
Fast-food chain McDonald's, security firm Cisco and department store Metro were among those offering jobs, mostly rank and file positions. About 10 per cent were managerial or executive posts.
Many job seekers made a beeline for the Resorts World at Sentosa booth, which had over 1,000 applications by the end of the fair. The integrated resort was offering 300 jobs, half of which are for the Universal Studios theme park.
A sign of increasingly hard times for job seekers, the overwhelming turnout mirrored that at other job fairs held recently. One organised by the South East CDC on Saturday saw over 5,000 hopefuls going after 1,000 jobs on offer.
Yesterday's crowd left Dr Lim Wee Kiak, a Member of Parliament for Sembawang GRC, worried.
He said: 'We were a little surprised by the response. It's a weekday...it's not somewhere in town, yet we are enjoying an overwhelming response. It is a worrisome sign as well.
'I hope that Singaporeans will be a little bit more receptive and take up job offers that may not exactly fit 100 per cent of their criteria, that they will be flexible enough to accept that times are tough.'
The North West district, which includes Woodlands, Bukit Timah and Sembawang, has seen a 43 per cent rise in job seekers between September and last month. Noting the rise among the unemployed and retrenched, mayor Teo Ho Pin said yesterday that the council would be spending $1.6 million this year to help residents find jobs.
See 150 security jobs available at North East CDC job fair
- wong chee tat :)
On offer: 3,000 places in the service industry
By Tessa Wong
Job-seekers crowding the Jelutung Community Club in Sembawang, where more than 40 employers were offering posts in the service sector at a job fair organised by North West CDC yesterday. In a sign of increasingly hard times, more than 1,000 hopefuls turned up at the job fair within the first hour.
WHEN organisers of a job fair at Jelutong Community Centre in Sembawang opened the doors at 9.30 am yesterday, they were greeted by a long line of waiting people.
Over 1,000 arrived within the first hour of the North West Community Development Council's (CDC) job fair yesterday. By the time it ended at 4.30pm, the number had risen to 4,800.
The event brought together 40 service industry employers offering more than 3,000 jobs and was the largest recruitment fair organised by a CDC.
Fast-food chain McDonald's, security firm Cisco and department store Metro were among those offering jobs, mostly rank and file positions. About 10 per cent were managerial or executive posts.
Many job seekers made a beeline for the Resorts World at Sentosa booth, which had over 1,000 applications by the end of the fair. The integrated resort was offering 300 jobs, half of which are for the Universal Studios theme park.
A sign of increasingly hard times for job seekers, the overwhelming turnout mirrored that at other job fairs held recently. One organised by the South East CDC on Saturday saw over 5,000 hopefuls going after 1,000 jobs on offer.
Yesterday's crowd left Dr Lim Wee Kiak, a Member of Parliament for Sembawang GRC, worried.
He said: 'We were a little surprised by the response. It's a weekday...it's not somewhere in town, yet we are enjoying an overwhelming response. It is a worrisome sign as well.
'I hope that Singaporeans will be a little bit more receptive and take up job offers that may not exactly fit 100 per cent of their criteria, that they will be flexible enough to accept that times are tough.'
The North West district, which includes Woodlands, Bukit Timah and Sembawang, has seen a 43 per cent rise in job seekers between September and last month. Noting the rise among the unemployed and retrenched, mayor Teo Ho Pin said yesterday that the council would be spending $1.6 million this year to help residents find jobs.
See 150 security jobs available at North East CDC job fair
- wong chee tat :)
Tuesday, February 24, 2009
Micron to cut 2,000 more jobs
Micron to cut 2,000 more jobs
BOISE (Idaho) - JUST two months after saying more local job cuts weren't expected, computer chip maker Micron Technology Inc announced it will slash as many as 2,000 workers by the end of August and phase out certain manufacturing operations at its Boise, Idaho facility, amid the weak economy and lower demand for its DRAM memory chips.
The company said late on Monday it will end manufacturing of DRAMs on 200-millimetre wafers in Boise, cutting 500 jobs in the near term. The 200-millimetre wafers are being shelved in favour of 300-millimetre wafer plants, which are more cost-effective.
Micron makes DRAM, or dynamic random access memory, a type of memory chip that has suffered in the last two years from oversupply and pricing pressure on chips used in personal computers and the slumping automobile industry. Its rivals also are hurting. South Korea's Hynix Semiconductor has posted five consecutive quarterly losses, including nearly US$1 billion (S$1.5 billion) in the three months ending Dec 31, while German memory-chip maker Qimonda AG filed for bankruptcy protection in January.
Hynix has said DRAM prices dropped 43 per cent from the third quarter.
Micron's latest cuts come on top of a 15 percent companywide layoff announced last October, in which it eliminated about 3,000 of its 19,000 total positions. About 1,500 of those were in Boise, as it shut down the NAND flash memory plant it operated as part of a joint venture with Intel Corp.
Now, Micron will employ just over 5,000 people in the state, down from more than 10,000 two years ago. Once Idaho's largest private employer, it will trail St. Luke's hospitals and Wal-Mart Stores Inc, which have some 7,500 workers here.
The latest action will cost Micron about US$50 million, but is expected to generate annual cash savings of about US$150 million.
Micron plans to keep its 300mm research and development fabrication facility at its site in the desert near Boise, where it does product design and support, quality control and also has corporate and general services offices.
Spokesman Dan Francisco called those vital services for the company.
He said the 200mm wafer manufacturing facilities being shuttered will be kept in a 'warm-down state' and could eventually be used for additional, unspecified manufacturing activities. The company doesn't expects the moves will result in any disruption in product supply to customers.
'We remained hopeful that the demand for these products would stabilize in the marketplace and start to improve as we moved into the spring. Unfortunately, a better environment has not materialized, and we are at a point where we wanted to let our employees and the community know in advance what will occur later this summer,' said Steve Appleton, Micron chairman and chief executive, in a statement.
-- AP
- wong chee tat :)
BOISE (Idaho) - JUST two months after saying more local job cuts weren't expected, computer chip maker Micron Technology Inc announced it will slash as many as 2,000 workers by the end of August and phase out certain manufacturing operations at its Boise, Idaho facility, amid the weak economy and lower demand for its DRAM memory chips.
The company said late on Monday it will end manufacturing of DRAMs on 200-millimetre wafers in Boise, cutting 500 jobs in the near term. The 200-millimetre wafers are being shelved in favour of 300-millimetre wafer plants, which are more cost-effective.
Micron makes DRAM, or dynamic random access memory, a type of memory chip that has suffered in the last two years from oversupply and pricing pressure on chips used in personal computers and the slumping automobile industry. Its rivals also are hurting. South Korea's Hynix Semiconductor has posted five consecutive quarterly losses, including nearly US$1 billion (S$1.5 billion) in the three months ending Dec 31, while German memory-chip maker Qimonda AG filed for bankruptcy protection in January.
Hynix has said DRAM prices dropped 43 per cent from the third quarter.
Micron's latest cuts come on top of a 15 percent companywide layoff announced last October, in which it eliminated about 3,000 of its 19,000 total positions. About 1,500 of those were in Boise, as it shut down the NAND flash memory plant it operated as part of a joint venture with Intel Corp.
Now, Micron will employ just over 5,000 people in the state, down from more than 10,000 two years ago. Once Idaho's largest private employer, it will trail St. Luke's hospitals and Wal-Mart Stores Inc, which have some 7,500 workers here.
The latest action will cost Micron about US$50 million, but is expected to generate annual cash savings of about US$150 million.
Micron plans to keep its 300mm research and development fabrication facility at its site in the desert near Boise, where it does product design and support, quality control and also has corporate and general services offices.
Spokesman Dan Francisco called those vital services for the company.
He said the 200mm wafer manufacturing facilities being shuttered will be kept in a 'warm-down state' and could eventually be used for additional, unspecified manufacturing activities. The company doesn't expects the moves will result in any disruption in product supply to customers.
'We remained hopeful that the demand for these products would stabilize in the marketplace and start to improve as we moved into the spring. Unfortunately, a better environment has not materialized, and we are at a point where we wanted to let our employees and the community know in advance what will occur later this summer,' said Steve Appleton, Micron chairman and chief executive, in a statement.
-- AP
- wong chee tat :)
Sunday, February 15, 2009
'Afraid of graduating'
'Afraid of graduating'
Some who had nailed cushy bank jobs even before graduation get regret letters
By Estelle Low
Heard this? You are fired even before you are hired.
For final-year economics student J. Lim, this was not funny - she was 'retrenched' even before she started work.
The National University of Singapore (NUS) student was overjoyed when, in September last year, an American bank wrote to say she would be hired as an investment banking officer when she graduates in July this year.
Ms Lim, 23, even made plans to use her first pay cheque for a holiday in Europe. But in December, another letter arrived. 'The letter stated that the bank was freezing its headcount and thus had to withdraw its job offer,' she said.
The Sunday Times learnt that at least three other yet-to-graduate university students share her plight. The cushy bank jobs they thought they had nailed after their internships did not materialise.
After reading this piece of article, the situation is quite not so rosy now.
What are your views?
-http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_338660.html
- wong chee tat :)
Some who had nailed cushy bank jobs even before graduation get regret letters
By Estelle Low
Heard this? You are fired even before you are hired.
For final-year economics student J. Lim, this was not funny - she was 'retrenched' even before she started work.
The National University of Singapore (NUS) student was overjoyed when, in September last year, an American bank wrote to say she would be hired as an investment banking officer when she graduates in July this year.
Ms Lim, 23, even made plans to use her first pay cheque for a holiday in Europe. But in December, another letter arrived. 'The letter stated that the bank was freezing its headcount and thus had to withdraw its job offer,' she said.
The Sunday Times learnt that at least three other yet-to-graduate university students share her plight. The cushy bank jobs they thought they had nailed after their internships did not materialise.
After reading this piece of article, the situation is quite not so rosy now.
What are your views?
-http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_338660.html
- wong chee tat :)
Thursday, January 29, 2009
Global economic woes deepen
Global economic woes deepen
But there are signs of hope in Europe.
BERLIN - A SURGE in German unemployment and Asian job cuts signalled deeper distress in the world economy on Thursday but an index of European confidence beat expectations and traders took heart from a US economic rescue package.
Official figures showed the jobless total in Germany jumped 387,000 in January over the previous month to almost 3.5 million, well above forecasts for Europe's largest economy.
The unemployment rate surged to 8.3 per cent of the workforce from 7.4 per cent in December.
There was also dismal news on the labour front in Asia's largest economy with Japan's Nippon Sheet Glass Company saying it will shed 5,800 jobs by 2010 and Toshiba announcing plans to cut 4,500 jobs this year after going into the red.
Toshiba chief executive Atsushi Nishida told reporters that the company aimed to cut 300 billion yen (S$5 billion) in costs in the next financial year to weather the global crisis.
Other titans of Japanese industry were also showing the strain with Sony Corporation warning it remained on course for its biggest ever loss in the year to March following a fall in demand for televisions, cameras and games consoles.
Even Nintendo, which has enjoyed spectacular growth in earnings in recent years thanks to surging sales of the Wii and other game consoles, cut its annual net profit forecast by one-third to 230 billion yen.
The news in Europe, despite the German jobless rate, was not uniformly grim.
The European Commission's economic sentiment indicator dropped to 68.9 points in January from 70.4 in December, hitting the lowest level since the survey began in January 1985.
But the slide, less sharp than declines seen in recent months, was also not as deep as economists had expected, with their forecasts - as polled by Dow Jones Newswires - anticipating a decline to 64.9 points.
Recent business and consumer surveys in Germany and France have also shown marginal improvements, fuelling hopes that the recession may have hit bottom.
More than a million French workers nevertheless walked off the job on Thursday on a national day of strikes and protests against President Nicolas Sarkozy's handling of the economic crisis.
Many in France fear they will lose their jobs in a crisis they blame on bankers and the failures of the market and are demanding protection from layoffs, a boost to low wages and an end to public sector cutbacks.
Investors and analysts were meanwhile pinning hopes on President Barack Obama's US$819 billion plan to spark some life into the recession-strapped US economy.
The US House of Representatives approved the measure on Wednesday, without support from the opposition Republican Party, and the Senate will now vote on its own version of the bill before a final draft reconciling the two goes to Mr Obama for signature.
'I hope that we can continue to strengthen this plan before it gets to my desk,' the president, who has pushed the Congress to pass a final measure by mid-February, said in a statement.
The stimulus plan includes about $275 billion in tax cuts, including a credit worth $500 for each worker and $1,000 for couples. Most of the package's value however is in infrastructure spending.
'The progress through the House of Representatives of the package with a comfortable margin will be cheering US sentiment but certainly no one will be under the illusion that this is the turning point for the economy,' said analyst James Hughes at CMC Markets in London.
Asian markets were lifted on Thursday by news of the plan's progress.
But Europe's main stock markets fall sharply in early trade, dragged down by the banking sector, which ended a brief rally on profit-taking.
In late morning deals, London fell 1.67 per cent. Frankfurt dropped 0.95 per cent and Paris lost 1.0 per cent nearing the half-way mark.
-- AFP
- wong chee tat :)
But there are signs of hope in Europe.
BERLIN - A SURGE in German unemployment and Asian job cuts signalled deeper distress in the world economy on Thursday but an index of European confidence beat expectations and traders took heart from a US economic rescue package.
Official figures showed the jobless total in Germany jumped 387,000 in January over the previous month to almost 3.5 million, well above forecasts for Europe's largest economy.
The unemployment rate surged to 8.3 per cent of the workforce from 7.4 per cent in December.
There was also dismal news on the labour front in Asia's largest economy with Japan's Nippon Sheet Glass Company saying it will shed 5,800 jobs by 2010 and Toshiba announcing plans to cut 4,500 jobs this year after going into the red.
Toshiba chief executive Atsushi Nishida told reporters that the company aimed to cut 300 billion yen (S$5 billion) in costs in the next financial year to weather the global crisis.
Other titans of Japanese industry were also showing the strain with Sony Corporation warning it remained on course for its biggest ever loss in the year to March following a fall in demand for televisions, cameras and games consoles.
Even Nintendo, which has enjoyed spectacular growth in earnings in recent years thanks to surging sales of the Wii and other game consoles, cut its annual net profit forecast by one-third to 230 billion yen.
The news in Europe, despite the German jobless rate, was not uniformly grim.
The European Commission's economic sentiment indicator dropped to 68.9 points in January from 70.4 in December, hitting the lowest level since the survey began in January 1985.
But the slide, less sharp than declines seen in recent months, was also not as deep as economists had expected, with their forecasts - as polled by Dow Jones Newswires - anticipating a decline to 64.9 points.
Recent business and consumer surveys in Germany and France have also shown marginal improvements, fuelling hopes that the recession may have hit bottom.
More than a million French workers nevertheless walked off the job on Thursday on a national day of strikes and protests against President Nicolas Sarkozy's handling of the economic crisis.
Many in France fear they will lose their jobs in a crisis they blame on bankers and the failures of the market and are demanding protection from layoffs, a boost to low wages and an end to public sector cutbacks.
Investors and analysts were meanwhile pinning hopes on President Barack Obama's US$819 billion plan to spark some life into the recession-strapped US economy.
The US House of Representatives approved the measure on Wednesday, without support from the opposition Republican Party, and the Senate will now vote on its own version of the bill before a final draft reconciling the two goes to Mr Obama for signature.
'I hope that we can continue to strengthen this plan before it gets to my desk,' the president, who has pushed the Congress to pass a final measure by mid-February, said in a statement.
The stimulus plan includes about $275 billion in tax cuts, including a credit worth $500 for each worker and $1,000 for couples. Most of the package's value however is in infrastructure spending.
'The progress through the House of Representatives of the package with a comfortable margin will be cheering US sentiment but certainly no one will be under the illusion that this is the turning point for the economy,' said analyst James Hughes at CMC Markets in London.
Asian markets were lifted on Thursday by news of the plan's progress.
But Europe's main stock markets fall sharply in early trade, dragged down by the banking sector, which ended a brief rally on profit-taking.
In late morning deals, London fell 1.67 per cent. Frankfurt dropped 0.95 per cent and Paris lost 1.0 per cent nearing the half-way mark.
-- AFP
- wong chee tat :)
Global economic crisis will take more than a year to unravel: Tharman
Global economic crisis will take more than a year to unravel: Tharman
By Imelda Saad, Channel NewsAsia
SINGAPORE: Singapore's Finance Minister Tharman Shanmugaratnam says it will take more than a year for the global economic crisis to unravel.
Speaking to Bloomberg Television on Thursday, Mr Tharman says the world has yet to see the worst of the downturn, as banks are still in contraction mode and focused on recapitalisation, rather than lending.
He said, "The foreign banks are still in the mode of contraction. I think every large global bank is still looking at building up its capital, much more than it's looking at extending new loans. So we are still at that phase of the crisis where recapitalisation is still the priority and estimates of the extent of bad assets on their books are still on the upswing. So, we haven't seen the worst yet."
Mr Tharman says that is why it is a good move for governments in the West to help these banks recapitalise and incentivise lending.
The minister also responded to criticism from some quarters that Singapore's economic growth model makes the country vulnerable to swings in global demand.
Mr Tharman says the country’s future and fortunes are tied to global markets.
As for investments by Temasek Holdings and the Government of Singapore Investment Corp in overseas banks, Mr Tharman says they have so far been so good, performing credibly by international standards.
- CNA/yt
- wong chee tat :)
By Imelda Saad, Channel NewsAsia
SINGAPORE: Singapore's Finance Minister Tharman Shanmugaratnam says it will take more than a year for the global economic crisis to unravel.
Speaking to Bloomberg Television on Thursday, Mr Tharman says the world has yet to see the worst of the downturn, as banks are still in contraction mode and focused on recapitalisation, rather than lending.
He said, "The foreign banks are still in the mode of contraction. I think every large global bank is still looking at building up its capital, much more than it's looking at extending new loans. So we are still at that phase of the crisis where recapitalisation is still the priority and estimates of the extent of bad assets on their books are still on the upswing. So, we haven't seen the worst yet."
Mr Tharman says that is why it is a good move for governments in the West to help these banks recapitalise and incentivise lending.
The minister also responded to criticism from some quarters that Singapore's economic growth model makes the country vulnerable to swings in global demand.
Mr Tharman says the country’s future and fortunes are tied to global markets.
As for investments by Temasek Holdings and the Government of Singapore Investment Corp in overseas banks, Mr Tharman says they have so far been so good, performing credibly by international standards.
- CNA/yt
- wong chee tat :)
Tuesday, January 20, 2009
Employment outlook for fresh graduates less rosy this year
Employment outlook for fresh graduates less rosy this year
Channel NewsAsia - Wednesday, January 21
SINGAPORE: The employment outlook for new graduates this year will be less rosy compared to previous years.
Acting Manpower Minister Gan Kim Yong said despite the weak economic outlook, there are still growth areas that will see continuing demand for workers.
For example, the healthcare sector and civil service are continuing to hire while integrated resorts are expected to create 20,000 jobs for the tourism sector.
In his written reply to a parliament question from Holland—Bukit Timah MP Liang Eng Hwa, Mr Gan said the Manpower Ministry and the Workforce Development Agency will work with the education institutions to organise job fairs for graduating students.
Universities and polytechnics are also stepping up their efforts to secure job placements for graduates.
Mr Gan said some of the graduating students could consider continuing with post—graduate studies and defer entering the job market until the situation improves.
— CNA/vm
For those who are graduating this year (2009), what are your plans? Continue to study?
- wong chee tat :)
Channel NewsAsia - Wednesday, January 21
SINGAPORE: The employment outlook for new graduates this year will be less rosy compared to previous years.
Acting Manpower Minister Gan Kim Yong said despite the weak economic outlook, there are still growth areas that will see continuing demand for workers.
For example, the healthcare sector and civil service are continuing to hire while integrated resorts are expected to create 20,000 jobs for the tourism sector.
In his written reply to a parliament question from Holland—Bukit Timah MP Liang Eng Hwa, Mr Gan said the Manpower Ministry and the Workforce Development Agency will work with the education institutions to organise job fairs for graduating students.
Universities and polytechnics are also stepping up their efforts to secure job placements for graduates.
Mr Gan said some of the graduating students could consider continuing with post—graduate studies and defer entering the job market until the situation improves.
— CNA/vm
For those who are graduating this year (2009), what are your plans? Continue to study?
- wong chee tat :)
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