More than 11,000 people in Singapore lost their jobs in the first half of the year due to the coronavirus pandemic, which is the record number since the 2008-2009 financial crisis, the country's Ministry of Manpower said in a labor market report on Monday
MOSCOW (Pakistan Point News / Sputnik - 14th September, 2020) More than 11,000 people in Singapore lost their jobs in the first half of the year due to the coronavirus pandemic, which is the record number since the 2008-2009 financial crisis, the country's Ministry of Manpower said in a labor market report on Monday.
"Retrenchments rose sharply to 11,350 in 1H 2020. This was higher than during the SARS period (1H 2003: 10,120), but lower than other past recessionary peaks. In addition, with the temporary stoppage or curtailment in business activities during Circuit Breaker, another 81,720 employees were placed on short work-week or temporary layoff in 2Q 2020. This likely reduced the number of retrenchments," the report read.
The total unemployment rate among Singaporeans reached 3.8 percent by the end of June. The ministry noted that the "continued uncertainties in the global economy as well as subdued external demand will weigh on the labour market in 2H 2020."
According to the Singaporean Health Ministry, there are currently 615 active COVID-19 cases in the country. Over 56,000 coronavirus patients have been discharged and 27 have died.
