Unemployment reaches 6-year high as redundancy rate rises
Singapore's unemployment rate for the year 2016 rose to 2.1%, its highest level since 2010, according to the latest Labour Market Advance Release 2016 report from the Ministry of Manpower.
The report also shows that for 2016, redundancies rose to 19,000, mainly due to restructuring and a slower economy. Redundancies have trended up since 2010, but remained lower than the recessionary high in 2009. Meanwhile, layoffs increased across all broad sectors. Year-on-year, the median income of citizens grew at a slower pace in 2016.
The figures also show that while local employment grew in 2016, foreign employment contracted.