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SINGAPORE - The number of workers in Singapore, excluding maids, plunged in the first three months of the year as the Covid-19 pandemic disrupted economic activity.
The drop in employment of 19,900 was the sharpest quarterly contraction since the severe acute respiratory syndrome (Sars) outbreak, when employment fell by 24,000 in the second quarter of 2003.
But the decline last quarter was due to a significant reduction in foreign employment - local employment still grew at a modest pace, according to preliminary data relased by the Ministry of Manpower (MOM) on Wednesday (April 29).
Unemployment rates rose in March, compared with December, while retrenchments rose quarter-on-quarter as well, though both figures remained lower than the peaks seen during the global financial crisis in 2009.
The ministry did not provide a breakdown of the exact number of employment change for locals and foreigners, nor of retrenchments.
Manpower Minister Josephine Teo noted during a media briefing on Wednesday (April 29), however, that the impact of Covid-19 restrictions was probably only felt from February onwards, whereas in January businesses were still active for the Chinese New Year period.
The ministry said in a statement: "Labour market conditions are likely to worsen in the upcoming quarter, given the sharp fall in demand globally as well as in Singapore as firms adjust to circuit breaker measures."
Unemployment rates rose in March, compared with December, while retrenchments rose quarter-on-quarter as well, though both figures remained lower than the peaks seen during the global financial crisis in 2009.
The ministry did not provide a breakdown of the exact number of employment change for locals and foreigners, nor of retrenchments.
Manpower Minister Josephine Teo noted during a media briefing on Wednesday (April 29), however, that the impact of Covid-19 restrictions was probably only felt from February onwards, whereas in January businesses were still active for the Chinese New Year period.
The ministry said in a statement: "Labour market conditions are likely to worsen in the upcoming quarter, given the sharp fall in demand globally as well as in Singapore as firms adjust to circuit breaker measures."
https://www.straitstimes.com/singap...-q1-foreign-employment-plunges-on-early-covid