50,000 jobs in Singapore will be lost by June 2009

[Banana Republic]

Singapore & Hong Kong being financial hubs will lose its shine next year.

Approx. 20,000 finance and banking employees have been retrenched in Australia this year and Sydney is not even considered a financial hub. This will spread to the "real" economy.

Beware of the little pink slip or when you get the call from HR.

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Singapore's labour market shows signs of slowing

SINGAPORE: Singapore's labour market is slowing with total employment growing by 55,700 in the third quarter of this year.

This is down from second quarter's 71,400 and the 58,700 jobs created in the third quarter of 2007.

But the Ministry of Manpower (MOM) says total job gains in the first nine months of 2008 was 200,400. This is more than the 172,400 posted in the same period of 2007.

The services sector added 34,300 workers in the third quarter, which is also lower than last quarter’s 38,300. Construction also slowed to 16,500 workers, from 22,400 the previous quarter. Manufacturing had a slight increase of 4,600, sharply down from the trend of 10,000 jobs added every quarter since the third quarter of 2006.

Singapore's overall unemployment rate remains at a seasonally adjusted 2.2 per cent in the quarter ending September 2008, unchanged from the rate in the previous quarter ending June.

About 56,000 residents were unemployed in September 2008.

There were 2,346 workers retrenched in third quarter of 2008, which is more than the previous quarter's 1,798 and a year ago at 1,827.

Job vacancies available in September 2008 stand at 36,000, a 10 per cent drop from the previous quarter of 40,100.

The overall job vacancy rate declined to a two-year low of 2.2 per cent.

Nominal earnings grew 5.5 per cent in Q3, which was higher than the 3.1 per cent in the previous quarter.

"(During a) downturn, we must expect unemployment to go up. But we still want to tell companies to please look at the alternatives provided under tripartite guidelines if possible. Do not just take the easy way out and retrench,” said the assistant secretary-general of National Trades Union Congress, Halimah Yacob.

MOM says many companies are forecasting a poor business outlook for the next six months ahead. But one bright spot is the year-end holiday festive season, which is expected to see opportunities in part-time employment increase, especially for hotels, catering businesses and real estate companies.

[bye bye]

Singapore & Hong Kong being financial hubs will lose its shine next year.

Approx. 20,000 finance and banking employees have been retrenched in Australia this year and Sydney is not even considered a financial hub. This will spread to the "real" economy.

Beware of the little pink slip or when you get the call from HR.

You don't get a call from HR, you get a call from your senior manager but not from their usual phone line.   HR will be present when you get to the office they ask you to go to.  You will be happy to know that so far the vast majority has NOT been expats (in terms of Western people on housing deals) - I'm pretty familiar with this, I spent a lot of last week doing nothing else but giving people calls they didn't want.

At the same time no discrimination was made in favour of foreigners, wasn't made against them though which may upset the idiot pink slip brigade who think Singaporeans are last to get chopped, most certainly not the case, I was not given any guidance on that whatsoever, merely hit this target (and essentially do it how you like).

[Which office ?]

Would the senior mgr ask the staff to go his/her office, HR's office or a nominated conference room ?

[bye bye]

Typically an available office somewhere else so not in front of the rest of their staff.

[Starbucks]

 I rather take my staff to our local cafe/eatery, buy them a nice expensive coffee/lunch, and then break their hearts or in other words, xxxx off.

[KV]

I rather take my staff to our local cafe/eatery, buy them a nice expensive coffee/lunch, and then break their hearts or in other words, xxxx off.

I'd advise against telling someone holding a hot drink to xxxx off.

[30001th loser]

50K jobs loss is high.  that would be devastating for Singapore.  I think 30K if more likely, and it will happen over the next six months. 

[Paul Keating]

As Paul Keating used to say, "Its a recession we had to have".

in other words, seperate the men from the boys.

[25 million]

OECD says that the number of people unemployed throughout the world could rise by up to 25 million by 2010 because of the global financial and economic crisis.

50,000 losses here equate to 0.2% of the total

[Why does Singapore exist?]

Singapore exists because it is SLIGHTLY better than its regional neighbors.  The city-state arbitrages the regional differences.  I think that is why Singapore exists and continues to be prosperous. 

Now let's look at the regional economy - Indonesia, Thailand, Malaysia, Vietnam, Philippines...All of them are coming under pressure from a combination of low commodity prices and weak political systems.  This means Singapore economy will continue to suffer, employment will be very weak.

Singapore's economy is dependent on export, and when export is falling off of a cliff, Singapore will face one the worst fates.

[agreetozero]

Singapore will suffer as it has no natural resources and everything is imported (including the sweethearts at FFOW).

The Sing dollar is causing some concern as its cheaper to buy electronic goods in Australia now. So what if SG wants to be a medical hub, consumer hub, financial hub, education hub, biotech hub, tourish hub, hub, hub, hub....if no one comes or more importantly people are spending less, we will see a massive downturn.

Just my 2 cents.

[Electronics]

You`re right about electronics being cheaper in Australia..a Canon camera I`m eyeing retails at a sale price of $315 locally, but Aussie online prices indicate a price of $245..

Gonna hold back(or go "outback") on electronic purchases for now..should  get better discounts next year..

[canture]

hopefully the casino employment will pickup the employment economy and give more jobs to the people.

[Ah....]

So you think tourist will come here in a recession ?

Airlines are already suffering and will be cancelling flights soon.

Most will definitely stay away as the 2009 is around the corner and job losses are increasing by the day.

The only saving grace for the casino is to target the unemployed to part ways with their savings as they will be deperate to feed their families, get into more debt and then declare bankruptcy.

[Even...]

hopefully the casino employment will pickup the employment economy and give more jobs to the people.

In a recession, with less spending power, anybody wanting a holiday anywhere will go somewhere cheaper.....Malaysia, Thailand, Vietnam etc. if we are just looking at Asia.

Malaysia has its own Casino as well so it scores on two counts.