University degree ≠ golden ticket to good job
Singapore employment trend
A degree is no longer a guarantee of a good job as more graduates face underemployment, paid less or required lower skills than their qualification: The Straits Times newspaper reported in the end of last month.
The data tracked by Ministry of Manpower (MOM) shows that some 15,100 degree holders were underemployed last year, up from 13,000 in 2012. The number is equivalent to 2.3% of all employed last year, up from 2.2% the year before.
Although the slight increase isn’t threatening, Manpower Minister Tan Chuan-Jin has warned in March that a graduate glut could result in "over-educated and underemployed" workers seen in South Korea or Taiwan.
However, recently he posted on his Facebook that "the situation still remains rather positive" but "we should still look out for those affected".
According to the national Jobs Bank portal site that opened in July, more than 80% of the 62,100 average "live" vacancies available as of September.
Mr Patrick Tay, NTUC assistant secretary-general commented: university degrees are more common now. Privately-run degree programmes at schools such as Singapore Institute of Management and the Management Development Institute of Singapore are churning out more graduates.
In 2011, 28% of employed residents were graduates; last year it was 32%, MOM noted.