Singapore’s Resident Unemployment Rate that Matters is 20 Percent and This is Very Worrying

Posted on Nov 30 2016 - 7:07pm by Redwire Singapore

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ELSON: The Manpower Ministry says that Singapore’s resident unemployment rate is 3 percent this year – its highest since 2010.

Reading further into the data, you discover that unemployment rate for Singapore residents between 25 and 64 years old is 19.7 percent.

This is almost similar to the 19.5 percent in 2015.

I’m worried about this 25-64 age group, simply because this is the time when Singaporeans really start spending, and to be jobless means you’re very likely to fall into debt.

Think about it, at what age did you get married, buy a house and start a family?

I highly doubt many will say “23 years old and below”, so there you have it – joblessness when it matter.

And at what age will you finally pay off all your loans, on car, house, renovation, and others?

At 55 years old, only 1 in 5 Singaporeans could withdraw money from their CPF forced savings as they had enough above the Minimum Sum

Your CPF payouts only start when you’re 65 years old, and if you can’t even meet your Minimum Sum, expect payouts of about S$700 a month.

So for at least 2 years now, 20 percent of residents between 25 and 64 years old are worrying where their next bowl of rice is going to come from.

At the same time, there’s zero job growth in Singapore, according to Zorro Lim, which means that it’s going to be difficult for any of these chaps to get employed.

So how?

That’s why the government of the day must understand that the “foreigners stealing jobs from locals” complaint is not borne out of xenophobia but desperation.

When people are struggling with family and bills, that’s when they get angry.

Especially, when they see the people who are supposed to give them a leg up live a life of luxury and extravagance.

 

 

2 Comments so far. Feel free to join this conversation.

  1. redwiretimesreader November 30, 2016 at 10:37 pm - Reply

    hi, when you say “reading further into the data” could you clarify how did u obtained the 20% percent? just kinda curious :)

    • Redwire Singapore December 2, 2016 at 5:43 pm - Reply

      hello, it’s data from mom stats. you can find out more following the link that’s included in the story. cheers

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