If 50% of employers cut 10% of staff that would mean an additional 5% increase in unemployment rate
Also, keep in mind the recent cases of phantom employees. In other words, employers use these people's name, sometimes without their knowledge, pay a token sum into their CPF and use them to boost hiring of cheap foreign labour.
Actually this practice has been going on for many years, but only recently have errant employers being convicted and sentenced, although the sentences so far have been really lenient for these cheats.
So what is the actual unemployment rate. What is the rate of new jobs creation that will cushion the impact of these losses according to the survey.
The job losses would result in many people defaulting on mortgages. Those living in HDB will have some cushion as they would not be evicted so quickly as private. But the problem will build up and the tyre will burst.
Property prices should fall by 50% to correct past excesses but this should be gradual, not sudden, or it will cause havoc in market. With 80% of population in HDB, government can soften the blow, but it cannot be too relaxed or moral hazard will emerge
Meanwhile I can feel my beach and library spaces getting smaller, but I welcome all into the inside of my guitar
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http://www.businesstimes.com.sg/sub/...22783,00.html?
Singapore job prospects head the bleak charts
Manpower survey indicates it could be worst job market among 33 surveyed
By CHUANG PECK MING
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(SINGAPORE) It's already bad enough. But Singapore's job market is going to get even worse in the next three months as half of 636 employers polled indicated they are going to cut staff, according to the latest Manpower Employment Outlook Survey.
Singapore's net employment outlook - the percentage of employers intending to increase hiring minus the percentage likely to trim workers - for the second quarter of 2009 is a negative 43 per cent, says the United States-based employment services firm.
That's not just the second straight-quarter decline - and a deterioration from the first quarter's net employment outlook of minus 38 per cent - it's also the worst jobs market outlook among the 33 countries in the Manpower poll.
Also, keep in mind the recent cases of phantom employees. In other words, employers use these people's name, sometimes without their knowledge, pay a token sum into their CPF and use them to boost hiring of cheap foreign labour.
Actually this practice has been going on for many years, but only recently have errant employers being convicted and sentenced, although the sentences so far have been really lenient for these cheats.
So what is the actual unemployment rate. What is the rate of new jobs creation that will cushion the impact of these losses according to the survey.
The job losses would result in many people defaulting on mortgages. Those living in HDB will have some cushion as they would not be evicted so quickly as private. But the problem will build up and the tyre will burst.
Property prices should fall by 50% to correct past excesses but this should be gradual, not sudden, or it will cause havoc in market. With 80% of population in HDB, government can soften the blow, but it cannot be too relaxed or moral hazard will emerge
Meanwhile I can feel my beach and library spaces getting smaller, but I welcome all into the inside of my guitar
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http://www.businesstimes.com.sg/sub/...22783,00.html?
Singapore job prospects head the bleak charts
Manpower survey indicates it could be worst job market among 33 surveyed
By CHUANG PECK MING
Email this article
Print article
Feedback
(SINGAPORE) It's already bad enough. But Singapore's job market is going to get even worse in the next three months as half of 636 employers polled indicated they are going to cut staff, according to the latest Manpower Employment Outlook Survey.
Singapore's net employment outlook - the percentage of employers intending to increase hiring minus the percentage likely to trim workers - for the second quarter of 2009 is a negative 43 per cent, says the United States-based employment services firm.
That's not just the second straight-quarter decline - and a deterioration from the first quarter's net employment outlook of minus 38 per cent - it's also the worst jobs market outlook among the 33 countries in the Manpower poll.
