REACH 580 - What are your thoughts on the report by MOM? What else can we do to ensure Singaporeans are well supported and able to attain their desired jobs?

(SK)

21 Jun 2024 (10am - 7pm)

REACH

21/6/24, 10:01 am - +REACH: *Dear Contributors,*

Welcome back! 😊

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Megan 😊

21/6/24, 10:02 am - +REACH: *📢 Topic 📢*

On Jun 20 (Thursday), the Ministry of Manpower’s (MOM) report of finalised labour market data for Q1 2024 revealed that the number of job vacancies increased despite the rise in unemployment numbers in Singapore. MOM noted that the labour market remains tight given the higher number of vacancies than job seekers. 

💬 *What are your thoughts on the report by MOM? What else can we do to ensure Singaporeans are well supported and able to attain their desired jobs?*

According to the report, 81,900 vacancies were recorded in March 2024, up from 79,800 in December 2023. 

While employment growth slowed compared to the previous quarter, MOM said that all the employment growth came from Singaporeans and PRs, as the number of employed foreigners fell by 800. MOM also noted that the number of S Pass holders saw negative growth in the first quarter of 2024, following the 2023 increase in S Pass qualifying salaries and levies.

Although the number of job vacancies rose, the ratio of job vacancies to unemployed people declined from 1.74 in December 2023 to 1.56 in March 2024, owing to a slight increase in the number of unemployed people, MOM said.

Retrenchments also saw a decline, from 3,460 in Q4 2023 to 3,030 in Q1 2024.

With regards to unemployment, the overall employment rate stands at 2.1, with resident unemployment rate at 3% and that for Singaporeans at 3.1%. MOM clarified that the rate remained within the range observed during non-recessionary periods.

The resident long-term unemployment rate increased slightly from 0.7 per cent in December 2023 to 0.8 per cent in March 2024, though MOM said the figure remains low.

The increase in the resident long-term unemployment rate was driven by those aged below 30, and those above 60.

“For residents aged below 30, the increase in long-term unemployment rate could be due to individuals holding out for a better job or taking time to explore different career options post-graduation,” MOM said.

“For residents aged 60 and over, the long-term unemployment rate remained comparable to pre-pandemic levels of 0.8 per cent.”

👉🏻 https://str.sg/uPxt

👉🏻https://stats.mom.gov.sg/iMAS_PdfLibrary/mrsd-Labour-Market-Report-1Q-2024.pdf#page=7

21/6/24, 10:02 am - ~ REACH Singapore changed this group's settings to allow all members to send messages to this group

21/6/24, 10:03 am - ~ REACH Singapore changed the group description

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21/6/24, 10:50 am - +REACH: *Dear Contributors*

We want to *HEAR* from you! 

💬 *What are your thoughts on the report by MOM? What else can we do to ensure Singaporeans are well supported and able to attain their desired jobs?*

We have had good feedback from this group, and we hope that we can keep the discussion robust and active!

Megan 😊

21/6/24, 10:57 am - +Rama: Citizens must be employed,  promoted based on their calibre, performance but not on the colour of their skin. Irregardless of the physical stature.

21/6/24, 11:14 am - +Frankie Wee: Everything is Ai career job 

Need to take upskill future. 

Old position will disposal

21/6/24, 11:24 am - +KL: “For residents aged below 30, the increase in long-term unemployment rate *could be*  due to individuals holding out for a better job or taking time to explore different career options post-graduation,” MOM said.

  any proof on this statement ?  U think I thought who confirm ? Drawing a high salary shouldnt make any assumption statement <This message was edited>

21/6/24, 11:35 am - ☸️  Danny 心: 

Investment FDI in 2024 has dropped by $10 billion from $37.7 billion in 2023 to $27.7 billion in 2024.

Will this be translated to lesser jobs created?

But as far as I know, my private circles - doesn't face job issues.

21/6/24, 11:35 am - +Venkat Subramaniam: “Q1’24 job vacancies are increased from no. of unemployment”, not sure of the jobs in this stats are skewed into diff skillset from what job seekers skill set. In reality, emp market is very silent for the consecutive quarters for tech sectors at least that I knew. Am hearing from local UG students from tech Uni, very few are secured internships for upcoming Aug-Dec period, they are longing to get any role to fulfill their academic mandates

21/6/24, 12:35 pm - ☸️  Danny 心: 

Big tech sector is quite a hit - as global big tech such as Google, Meta, salesforce, Microsoft,  etc start cutting jobs worldwide - big tech is not creating alot of tech jobs.

21/6/24, 12:41 pm - ☸️  Danny 心: 

Likewise China big tech also face similar issues.

Alibaba, Tencent, Lazada, Shoppe also do similar job cuts after COVID.

Seems like there are overdrive employment during covid as people WFH.

But post pandemic - people going back to office, job cut back as IT remote gadgets and apps less in demand.

Also the current global higher interest rate environment dampen business in borrowing and loan for investment.

Hence job creation worldwide is not so vibrant.

21/6/24, 12:42 pm - ☸️  Danny 心: <Media omitted>

21/6/24, 12:42 pm - ☸️  Danny 心: <Media omitted>

21/6/24, 12:48 pm - ☸️  Danny 心: 

2021, 2022 - FDI is > $100 billion investment. 

(Covid time, flush with cash due to quantitative easing, lot of cash for foreign investors to invest).

2023, 2024 - FDI drop to $37 to $27 billion - 5 times drop (due to quantitative tightening, higher interest rate, higher borrowing costs, FDI drop, less cash available, job creation lower). <This message was edited>

21/6/24, 12:51 pm - ☸️  Danny 心: 

Also our cost structure are higher in the region:-

1. High housing costs 

2. High transport cost - cars and lorries 

3. Higher food prices 

4. Higher salaries 

Hence, we need to be competitive - whereby higher productivity to mitigate higher costs will be necessary to attract more FDI and foreign investors to create jobs in Singapore.

21/6/24, 12:55 pm - ☸️  Danny 心: 

And moving up our value chain, R&D, competent in AI etc - will be necessary for our workforce - in order for our workers to be productive.

So that our regional competitors, overseas remote workforce - will not eat our lunch.

We have skillsets that keep investors rooted in Singapore and able to attract value added investors into our shores and create jobs for our workers.

21/6/24, 1:04 pm - +Leonard Lim: The recently launched Skillsfuture Level-Up programme giving out $4000 in SkillsFuture Credits was a good move for our workers to upskill and reskill themselves and is also a boost for our economy in the long run.

21/6/24, 1:09 pm - +Andy: At uncertain times now, one should not be choosy over job offers. Take my son in-law and nephew as an example both choosy. Son in-law graduated from SIT, applied for jobs from MNC only and waited for a few months to land a job which he works for till now. My nephew graduated from SMU business and wanted to be in an investment house but couldn't get one for a few months then end up as a headhunter till his client found him very suitable for investment and referred him to the company he works for now.

For both of them, parents can sustain them so they can afford to be choosy.

For older workers, when we want to change jobs be prepared to face stiff competition from young people and don't expect experience alone to get a job.

21/6/24, 1:33 pm - +Bhavani: This message was deleted

21/6/24, 1:52 pm - +Frankie Wee: Learn lesson from previous experience cost of living which country is in Japan and Hong Kong 

Here Singapore should not be but keep competitive.

21/6/24, 1:53 pm - +Frankie Wee: In future will be uncertainty economy crisis if lose job market

21/6/24, 1:55 pm - +~BP: From news… job vacancies went up in tandem with unemployment.  

There could be a few reasons:

1. Skill sets / mindset mismatched 

2. ⁠job type created are targeted eg forcing under-employment scenarios. 

3. ⁠re scoping of the original job for lower salary but fire the incumbent with higher salary.  Eg replaced $10k salary with 2x3000 salary job. 

Each of above can be tested with statistics

21/6/24, 2:00 pm - +Frankie Wee: Company to run productive businesses and keep on low profit and high sell

21/6/24, 2:01 pm - +Frankie Wee: If Ai is automatically there will less human worker and upskill are necessary new jobs

21/6/24, 2:01 pm - +REACH: *📢 Topic 📢*

21/6/24, 2:11 pm - +~N: I’m curious about the reasons or contributing factors for this finding in the report: “The increase in long-term unemployment rate was observed among those aged below 30 (from 1.0% to 1.2%) and 60 and over (from 0.7% and 0.9%).”

21/6/24, 2:13 pm - ☸️  Danny 心: 

Strange that job vacancies on the rise, but unemployment also go up.

Means :-

1. There must be a mechanism to match jobseekers to vacant jobs.

2. Skillsets and interest must match vacant jobs.

3. Salary expectations must match job openings.

If all the above conditions meet, then unemployment figures can be brought down. <This message was edited>

21/6/24, 2:15 pm - ☸️  Danny 心: 

1. Age 30 and below could be choosy in job hunts.

2. Age 60 and above, employers don't want - age discrimination.

21/6/24, 2:24 pm - ☸️  Danny 心: 

Yet another unemployed grad wonders how to explain long employment gap in resumè.

https://theindependent.sg/yet-another-unemployed-grad-wonders-how-to-explain-long-employment-gap-in-resume/

21/6/24, 2:30 pm - ☸️  Danny 心: 

For those graduates unemployed but eagerly looking for jobs - wonder if there are agencies able to step in to help.

Eg.

1. Help in job matching with companies looking for jobseekers.

2. Help in arranging job fair and participating companies.

3. Help to provide training to graduate jobseekers to ensure skill gaps are plugged to help them land a job with companies looking for the relevant skillsets.

4. Rope in companies to offer internships to undergraduates and graduates - in view of converting internships to permanent jobs.

21/6/24, 2:33 pm - +~l or Smiley face: <Media omitted>

21/6/24, 2:34 pm - +~l or Smiley face: <Media omitted>

21/6/24, 3:15 pm - ☸️  Danny 心: 

"AI is not the bogeyman, use it to solve everyday problems.

Quit worrying about artificial intelligence taking your job, instead learn how to use it so others who understand the technology won't replace you, says our guest."

 https://www.channelnewsasia.com/podcasts/artificial-intelligence-ai-jobs-careers-training-agoda-work-it-4404141#:~:text=AI%20is%20not,says%20our%20guest.

21/6/24, 4:00 pm - +REACH: *📢 Topic 📢*

21/6/24, 4:05 pm - +~l or Smiley face: "The Ways! The gig job of the future is a bamboo tree, flexible and resilient, adapting to the winds of change, yet rooted in skills and experience, constantly growing and branching out into new opportunities (水滴石穿). Like water, individuals adapt and evolve, shaping their careers and skills with persistence and harmony, amidst the ever changing landscape of work. 道")

-- anonymity 

Singapore's economy is transforming, driven by three key trends: 1) surging gig economy, 2) essential skills training, and 3) critical sustainability. As these trends converge, Singapore will become a global hub for innovative, sustainable work practices, attracting top talent and driving growth. To capitalise on this and prioritise human aspects, Singapore must invest in skills training, social protection, and sustainable infrastructure, creating a future ready workforce that is adaptable, innovative, and sustainable.

Our workforce is undergoing a significant transformation driven by technological advancements, shifting demographics, and evolving employee expectations. The Ministry of Manpower's recent report highlights both opportunities and challenges in this transformation.

21/6/24, 4:44 pm - +KL: Employment growth came from Singaporeans and PRs , got ratio ?

21/6/24, 4:45 pm - +KL: Cos u never say and i draw peanuts so my  assumption is  1:10 <This message was edited>

21/6/24, 4:45 pm - +Rama: Against SP/EP/WP!?

21/6/24, 4:47 pm - +Frankie Wee: So many Malaysia here they need earning living support

21/6/24, 4:49 pm - +KL: So Microsoft and many firms are moving into Malaysia , so will these ppl stay in SG or return to Malaysia ?   so can i conclude  they enjoying best of both world for past 2 decade  ?

21/6/24, 4:50 pm - +Frankie Wee: Malaysia labour cheaper but inflation level is higher

21/6/24, 4:53 pm - +KL: https://gfmag.com/data/economic-data/worlds-highest-lowest-inflation-rates/

21/6/24, 4:53 pm - +Frankie Wee: https://www.reuters.com/markets/asia/malaysias-economy-grows-42-yy-q1-beats-forecast-2024-05-17/

21/6/24, 4:55 pm - +KL: <Media omitted>

21/6/24, 4:56 pm - +~l or Smiley face: This message was deleted

21/6/24, 4:57 pm - +Frankie Wee: China is most trade in Asia

21/6/24, 4:57 pm - +~l or Smiley face: The countries by their importance to the US and China, based on various factors such as trade volume, investment, geopolitical significance, and supply chain relevance:

*Top 10 Countries Important to Both US and China:*

1. Mexico (US: 1st largest trading partner, China: 2nd largest trading partner)

2. Vietnam (US: 12th largest trading partner, China: 1st largest trading partner in ASEAN)

4. Thailand (US: 14th largest trading partner, China: 3rd largest trading partner in ASEAN)

5. Indonesia (US: 16th largest trading partner, China: 2nd largest trading partner in ASEAN)

6. Malaysia (US: 18th largest trading partner, China: 4th largest trading partner in ASEAN)

7. Philippines (US: 20th largest trading partner, China: 5th largest trading partner in ASEAN)

8. Poland (US: 25th largest trading partner, China: 1st largest trading partner in CEE)

9. India (US: 9th largest trading partner, China: 2nd largest trading partner in South Asia)

10. Taiwan (US: 11th largest trading partner, China: 1st largest trading partner in East Asia)

11. Singapore (US: 13th largest trading partner, China: 3rd largest trading partner in East Asia)

21/6/24, 4:57 pm - +Frankie Wee: China is 2nd world economy

21/6/24, 4:58 pm - +~l or Smiley face: *Next 10 Countries Important to Either US or China:*

1. Costa Rica (US: 33rd largest trading partner)

2. Slovakia (China: 2nd largest trading partner in CEE)

3. Hungary (China: 3rd largest trading partner in CEE)

4. Romania (China: 4th largest trading partner in CEE)

5. Brazil (US: 15th largest trading partner)

6. Colombia (US: 21st largest trading partner)

7. South Africa (US: 28th largest trading partner)

8. Turkey (US: 29th largest trading partner)

9. Chile (US: 30th largest trading partner)

10. Ukraine (China: 5th largest trading partner in CEE)

21/6/24, 5:04 pm - +~l or Smiley face: "The global supply chain reset is orchestrating a manufacturing renaissance, catapulting emerging hubs like Mexico, Vietnam, and Thailand into the spotlight. Billions in investments are pouring in, redefining the trade landscape and cementing their status as beacons of resilience and innovation. This tectonic shift is driven by a quest for adaptability, diversification, and sustainability, as companies navigate a world where geopolitical risks and opportunities converge. As the reset reaches its crescendo, it will hopefully give rise to a more harmonised and prosperous world, where global commerce, economic development, and political alliances thrive in perfect symphony"

-- anonymity

21/6/24, 5:04 pm - +~l or Smiley face: Individuals must develop skills that are relevant to the new era of global supply chains, such as data analytics, digital literacy, and sustainability expertise.

The global supply chain reset is a transformative trend that requires adaptability, innovation, and collaboration. By understanding its implications and opportunities, we can build a more resilient, sustainable, and prosperous future for all.

The global supply chain reset is a significant opportunity for companies, governments, and individuals to adapt, innovate, and thrive in a rapidly changing world. By understanding its implications and opportunities, we can position ourselves for success in the years to come.

21/6/24, 5:07 pm - +~l or Smiley face: "China and the US, the world's two largest economies, are linked through trade, investment, and technology. Their complex dynamic raises questions about global governance, economic development, and geopolitical stability. As Chinese Premier Deng Xiaoping said, "Seek truth from facts." Similarly, former US Secretary of State Henry Kissinger noted, "Diplomacy is the art of restraining power." Their actions will shape the global community's destiny."

-- anonymity

The China-US dynamic is a non-zero-sum phenomenon, exemplifying the concept of mutual benefit and interdependence. The ongoing competition between the two nations has highlighted the need for cooperation, critical thinking, and thorough analysis, as the outcome will likely be a mix of both mutual benefits and losses. This dynamic reflects the principles of game theory, where cooperative strategies can lead to better outcomes for both parties.

21/6/24, 5:10 pm - +~l or Smiley face: "The artificial intelligence (AI) revolution is transforming industries and economies worldwide. As Asia's leading innovation hubs, Singapore and Taiwan are poised to capitalise on this trend. This report examines the potential for a strategic alliance in AI development between Singapore and Taiwan, leveraging their complementary strengths and expertise. By pooling their resources and knowledge, these two nations can drive innovation, foster economic growth, and enhance their global competitiveness in the AI landscape."

-- anonymity 

The AI revolution is reshaping the global economy, and Asia is at the forefront of this transformation. Singapore and Taiwan, renowned for their innovation ecosystems, are well-positioned to harness the potential of AI. However, the AI landscape is highly competitive, and individual efforts may not be sufficient to achieve significant impact. A collaborative approach, leveraging the strengths of both nations, can unlock new opportunities for growth, innovation, and prosperity.

The Duo?

The AI revolution is driven by advancements in data science, machine learning, and computing power. AI applications are transforming industries, improving efficiency, and creating new business models. Asia's economic growth and competitiveness are increasingly tied to AI adoption and innovation.

Singapore and Taiwan share similar strengths and challenges in AI development:

_Strong research foundations_

_Highly skilled talent pools_

_Pro-business environments_

_Strategic locations in the Asia-Pacific region

However, they also face common challenges:

_Intense global competition_

_Talent attraction and retention_

_Data privacy and security concerns_

_Regulatory frameworks still evolving_

A strategic alliance can help address these challenges, leveraging their complementary strengths and expertise.

21/6/24, 5:14 pm - +~l or Smiley face: "The global chip industry is a intricate web of technological, economic, and social dynamics, perpetuating a complex interplay of innovation, growth, and sustainability. To reconcile the inherent tensions and contradictions, a metamorphic transformation is imperative, leveraging avant-garde technologies like blockchain-secured supply chains, circular economy principles that catalyse regenerative design, and quantum computing-powered simulations that optimise sustainability and human impact. By embracing this radical evolution, the industry can recalibrate its purpose, foster a more inclusive and resilient ecosystem, and contribute to a future that is more equitable, sustainable, and harmonious for all."

-- anonymity

The Chip Landscapes:

In the heart of the digital revolution, the global chip industry stands as a linchpin, fueling technological advancements and economic growth. Yet, beneath the surface of this high-tech landscape lies a complex web of challenges, risks, and downsides. As the world becomes increasingly reliant on digital technologies, the demand for chips surges, driven by emerging trends and technologies of IoT, AI, and 5G technologies. Major nations are investing heavily in chip production, research, and development, with the US, China, EU, Taiwan, India, Japan, Singapore, South Korea, Spain, and Malaysia making significant commitments, government initiatives, and growing applications. The industry's growth is also driven by investments in research and development, which leads to innovations in chip technology. However, this rapid growth also raises critical questions about the industry's sustainability, environmental impact, and ethical implications. As we delves into the global perspectives on chip economics, investments, innovations, and implications, providing a thorough analysis of the industry's growth drivers, challenges, and future directions.

Emerging Trends and Technologies:

The adoption of 5G technology is driving the demand for chips with high-speed processing and low-latency capabilities. Artificial intelligence (AI) is another area where chips are being designed with advanced AI processing capabilities. The growing Internet of Things (IoT) market requires chips with low-power consumption and high-connectivity capabilities.

21/6/24, 6:00 pm - +REACH: *📢 Topic 📢*

21/6/24, 6:46 pm - +REACH: *Dear Contributors,*

⏰ We will be closing the chat in *15 minutes* ⏰

Thank you very much for being part of our WhatsApp chat and participating actively.

Goodnight!

Megan 😊

21/6/24, 6:59 pm - +~l or Smiley face: <Media omitted>

21/6/24, 7:00 pm - +REACH: *Dear Contributors,*

We will be closing the chat for today.

Thank you very much for being part of our WhatsApp chat and participating actively.

Goodnight!

Megan 😊

21/6/24, 7:01 pm - ~ REACH Singapore changed this group's settings to allow only admins to send messages to this group

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