Unemployed Singapore Residents May Top 100,000 This Year: Straits Times
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The number of unemployed residents in Singapore may rise above 100,000 this year from around 73,000 in 2019 due to the impact of the Covid-19 pandemic, Deputy Prime Minister Heng Swee Keat said in parliament on Friday. This is more than Singapore's highest annual average number of 91,000 unemployed residents that was registered during the 2003 SARS epidemic, he said.
“The economic fallout of Covid-19 goes beyond unemployment numbers,” Heng said. “Even those who keep their jobs may suffer under-employment and significant income loss. This could lead to a vicious cycle where income loss reduces consumption, and affected businesses further reduce labor demand.”
- Heng said that close to 80%, or S$72 billion, of the total virus stimulus of S$93 billion, is committed to helping workers stay in their jobs and supporting businesses and their employees
- The four stimulus budgets so far are estimated to help Singapore's economy avert an average output loss of S$23.4 billion per year, or 5 percentage points, over 2020 and 2021, Heng had said, citing a study by the Monetary Authority of Singapore
- It is uncertain how long it will take to build back the amount of reserves taken out this time, as there will likely not be a V-shaped recovery
- Impact of goods and services tax rate increase, expected by 2025, will be cushioned when it takes place
- Read more: Singapore Focuses on Jobs in New S$33 Billion Virus Relief
- Related Story: Singapore Warns of ‘Urgent' Job Loss Challenge in Year Ahead
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