The latest unemployment numbers released by the Ministry of Manpower show a slight uptick in the unemployment rate to 4.5% for August.
This rate was slightly higher than July’s 4.1%, but was still much lower than during the SARS period, when unemployment hit a high of 6.3% in September 2003.
During the Global Financial Crisis back in 2009, this rate went to 4.9% at its highest point.
The government has started posting monthly unemployment numbers since the pandemic began.
It’s understandable to feel worried about whether this rate will continue to head up, but it’s tough to foretell at this point in time.
The government has pledged to help companies to retain jobs in key industries that were badly impacted by the coronavirus through the Jobs Support Scheme.
The Monetary Authority of Singapore and financial industry have also introduced a slew of measures to assist borrowers to manage their loans better.