Unemployment among graduates worsens in slowing economy
- Singapore employment trend
Tan Ghim Hwee applied for a full-time position at one of the Big Four accounting firms when he completed his internship last year.
He was to start work at the firm from this September since he graduated from Singapore Management University in July.
Then the most unexpected thing happened.
When he called the firm in June to confirm his start date, he was told that the job offer was no longer valid.
According to The New Paper article, Mr Tan is not the only fresh graduate in this predicament.
"Apparently, the management consulting department was downsizing and it had frozen hiring for all associate positions," he says.
The latest Labour Market Report issued by the Ministry of Manpower revealed that the unemployment rate for degree holders rose from 3.5 per cent in June 2015 to 4.3 per cent, which is equal to 34,000 unemployed graduates, in June this year - the highest since 2009.
Among degree holders, the increase in unemployment rate among those below 30 years old also rose, from 3.8 per cent in March this year to 7.1 per cent in June.
"Job posting for entry-level jobs decreased by 40 per cent from January to August last year as compared to the same period this year," told Ms Chook Yuh Yng, country manager at JobsDB Singapore in the article.
"With so many graduates seeking jobs in a shrinking market, there may not be sufficient jobs for everyone."
Graduates will need to aquire the relevant skill sets for jobs in the workplace through internship experiences as they mainly study the theories and gain knowledges only through the lectures at the universities.