“The unemployment rate for older Singaporeans have actually gone up … for the last few quarters. At the same time, retrenched workers are taking a much longer time to find jobs,” said Manpower Minister Lim Swee Say. “So what this really means is that what we are fearful about for a long time is actually happening now – which is the growing mismatch between the job seekers and job demand.”
To address this the Singapore Workforce Development Agency (WDA) will set aside an additional S$28 million over the next two years to help PMETs develop new skills and find new jobs.
These measures come in the light of the slowing economy and increasing layoffs.
“One of the critical factors is whether we are able to help as many of our PMETs as possible to adapt and grow in the new environment, ” said Mr Lim.