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28-04-2017, 11:10 AM
An honorable member of the Coffee Shop Has Just Posted the Following:
"Unemployment could rise further" as Singapore tackles structural transition: Swee Say
SINGAPORE — Unemployment "could rise further", Manpower Minister Lim Swee Say cautioned in a sobering May Day message on Friday (April 28) pointing out that the Republic would need more time and effort to overcome the current economic challenges.
While Singapore has successfully emerged from previous spells of economic uncertainty, such as during the global financial crisis in 2009, "this time, it is different", he noted.
Mr Lim added: "The transition this time is less cyclical, but more structural. Some sectors are still under stress and unemployment could rise further.
"Unlike previous recoveries, more time and effort is needed to get through this transition completely."
This would call for better and faster adoption of technology, quicker innovation and higher productivity, so that Singapore can compete globally. Enterprises and workers able to transform faster and cope with workplace disruptions will emerge stronger in the future economy, said Mr Lim.
His comments came amid rising retrenchment and resident unemployment rates, as well as slower growth in gross domestic product (GDP).
Singapore's economic growth has slowed to about 2 per cent in the past two years, down from 4.5 per cent previously. Retrenchment and resident unemployment rate has risen to 3 per cent last year after holding steady at about 2.8 per cent since 2012.
Acknowledging that economic transformation at the national level is "never easy", the minister nonetheless expressed confidence that Singapore will emerge economically stronger, as it has always done in the past. The strong tripartite partnership, meanwhile, will continue to lend firms and workers a hand in wrestling with these transitions.
Government leaders and experts have pointed out on previous occasions that Singapore is not in a crisis. But there is no quick fix either for the structural challenges, from slow productivity growth to the skills gap in the labour force.
In a separate May Day Message, Dr Robert Yap, president of the Singapore National Employers Federation (SNEF) stressed the importance of “continual improvement and lifelong learning” amid the shrinking workforce and slow productivity gains.
Citing a SNEF survey, he said some companies were only reaping half the expected productivity gains after taking action for one to three years to boost growth. The main stumbling blocks were the lack of a culture of excellence and workforce adaptability.
To achieve a “productivity resurgence”, employers and unions must work together with mutual trust, good communication, and ability to respond quickly to growth opportunities and challenges, said Dr Yap.
To that end, the National Trades Union Congress (NTUC) will, for instance, be expanding its Education and Training Fund to allow more workers to reskill and upskill through bite-sized modules that can be accessed via new learning technologies, said its President Mary Liew and Secretary-General Chan Chun Sing in a joint message.
NTUC has also been working with its Employment and Employability Institute (e2i), NTUC LearningHub and various government agencies to “help tomorrow’s unemployed find tomorrow’s jobs”.
“Beyond equipping our working people for today’s jobs, we also want to prepare them for tomorrow’s opportunities,” they said.
The e2i’s placement, professional development and productivity improvement services have helped over 80,000 working people to date.
Social enterprises, too, must continuously evolve and provide integrated products and services to help people across different life stages “stretch their dollar”, said Ms Liew and Mr Chan.
“The digital economic transformation brings both challenges and opportunities. We must disrupt ourselves before others disrupt us and provide new services to meet the needs of tomorrow,” they said.
Click here to view the whole thread at www.sammyboy.com (https://www.sammyboy.com/showthread.php?243117-Good-News!-More-No-Talent-Sinkies-To-Be-Retrenched-in-2017!&goto=newpost).
"Unemployment could rise further" as Singapore tackles structural transition: Swee Say
SINGAPORE — Unemployment "could rise further", Manpower Minister Lim Swee Say cautioned in a sobering May Day message on Friday (April 28) pointing out that the Republic would need more time and effort to overcome the current economic challenges.
While Singapore has successfully emerged from previous spells of economic uncertainty, such as during the global financial crisis in 2009, "this time, it is different", he noted.
Mr Lim added: "The transition this time is less cyclical, but more structural. Some sectors are still under stress and unemployment could rise further.
"Unlike previous recoveries, more time and effort is needed to get through this transition completely."
This would call for better and faster adoption of technology, quicker innovation and higher productivity, so that Singapore can compete globally. Enterprises and workers able to transform faster and cope with workplace disruptions will emerge stronger in the future economy, said Mr Lim.
His comments came amid rising retrenchment and resident unemployment rates, as well as slower growth in gross domestic product (GDP).
Singapore's economic growth has slowed to about 2 per cent in the past two years, down from 4.5 per cent previously. Retrenchment and resident unemployment rate has risen to 3 per cent last year after holding steady at about 2.8 per cent since 2012.
Acknowledging that economic transformation at the national level is "never easy", the minister nonetheless expressed confidence that Singapore will emerge economically stronger, as it has always done in the past. The strong tripartite partnership, meanwhile, will continue to lend firms and workers a hand in wrestling with these transitions.
Government leaders and experts have pointed out on previous occasions that Singapore is not in a crisis. But there is no quick fix either for the structural challenges, from slow productivity growth to the skills gap in the labour force.
In a separate May Day Message, Dr Robert Yap, president of the Singapore National Employers Federation (SNEF) stressed the importance of “continual improvement and lifelong learning” amid the shrinking workforce and slow productivity gains.
Citing a SNEF survey, he said some companies were only reaping half the expected productivity gains after taking action for one to three years to boost growth. The main stumbling blocks were the lack of a culture of excellence and workforce adaptability.
To achieve a “productivity resurgence”, employers and unions must work together with mutual trust, good communication, and ability to respond quickly to growth opportunities and challenges, said Dr Yap.
To that end, the National Trades Union Congress (NTUC) will, for instance, be expanding its Education and Training Fund to allow more workers to reskill and upskill through bite-sized modules that can be accessed via new learning technologies, said its President Mary Liew and Secretary-General Chan Chun Sing in a joint message.
NTUC has also been working with its Employment and Employability Institute (e2i), NTUC LearningHub and various government agencies to “help tomorrow’s unemployed find tomorrow’s jobs”.
“Beyond equipping our working people for today’s jobs, we also want to prepare them for tomorrow’s opportunities,” they said.
The e2i’s placement, professional development and productivity improvement services have helped over 80,000 working people to date.
Social enterprises, too, must continuously evolve and provide integrated products and services to help people across different life stages “stretch their dollar”, said Ms Liew and Mr Chan.
“The digital economic transformation brings both challenges and opportunities. We must disrupt ourselves before others disrupt us and provide new services to meet the needs of tomorrow,” they said.
Click here to view the whole thread at www.sammyboy.com (https://www.sammyboy.com/showthread.php?243117-Good-News!-More-No-Talent-Sinkies-To-Be-Retrenched-in-2017!&goto=newpost).