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Local Unemployment Numbers Hit Record Highs but Singapore Voted Best Country for Expats

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We’re seeing some troubling figures on the local employment front, but not to worry folks because Singapore is a magnet for expats.

For degree holders, unemployed has soared to 4.3 percent as of June, according to statistics from the Manpower Ministry.

That’s the highest it’s been since 2009, which you might recall was the time of the Wall Street meltdown that turned markets across the world on their heads.

9150 workers were sacked in the first half of this year – also the highest figure since 2009.

Only 45 percent of those who were sacked were sacked in the first quarter of the year found new jobs by June, which was the most dismal rate since 2009.

Citizen unemployment rate now stands at 3.1 percent.

Of this, youth unemployment rate (those below 30) increased to 7.1 percent.

Over the past 4 years, it had stood at about 5 percent.

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But it’s not all gloom and doom, seeing how Singapore is still the top choice for expats.

The annual poll by HSBC and YouGov, which comprised 27,000 expats from 190 countries, found that Singapore scored highly across all key indicators such as salary, quality of life and family-friendly areas.

It revealed that expats here earn S$139,000 (S$190,000) annually on average, significantly higher than the global average of US$97,000.

Meanwhile, 60 percent of expats in Singapore receive health and medical allowances, above the global average of 51 percent.

The survey found that 62 per ent of expats in Singapore were earning more here than they would have in their home country, while 66 percent felt their quality of life was better.

 

 

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