Cuts In Singapore In 2020 Reached A Record Number In More Than Ten Years
More than 11,000 people were cut and lost their jobs in Singapore in the first half of 2020 due to the coronavirus pandemic, which was the highest figure since the financial crisis of 2008-2009, according to a report by the Ministry of Manpower of the Republic.
"In the first half of 2020, the reduction sharply increased to 11,350 people, which is higher than the level recorded during the SARS outbreak (in the first half of 2003, 10,120 people), but this figure is lower than during the financial crisis," according to a document published on the Ministry's website.
Also worth noting that in the second quarter of 2020, more than 81 thousand people were sent on unpaid leave or transferred to a "short working week."
Thus, according to the Ministry, the overall unemployment rate among Singapore residents reached 3.8% by the end of June. The Agency notes that "continuing uncertainty in the global economy, as well as low external demand, will put pressure on the labor market in the second half of 2020."