Slowing S’pore labour market not all bad news - TMS
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Following the release of Singapore’s latest Manpower Ministry (MM) unemployment figures last week, many analysts are pointing to troubled times ahead for the country’s labour market. However hospitality and tourism recruitment specialist TMS Asia-Pacific believes there is a positive side to the forecast gloom and doom.
TMS Managing Director for Asia, Andrew Chan, said many analysts were interpreting the MM figures as strong indicators of a softening in the number of job currently available. But Chan believes the situation is also being aggravated by a marked decrease in the number of employers taking on new staff, a factor he said could also be attributed to the rise in unemployment, which hit 2.3% in June according to the MM figures.
“Employers shouldn’t see these predications as a negative,” Chan said. “I actually view the situation as a positive for employers in a job environment that had been overly candidate heavy for quite some time, especially in the hospitality and tourism sector.
“I see this to be no more than a correction which was very much needed considering we have seen the lowest unemployment rates in Singapore’s history in recent times.” Chan continued to say that the Singapore Formula One race and 2010 Youth Games will also provided a massive boost for local companies. “All of this bodes well for the local labor market - particularly the hospitality and tourism sector,” he added.
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