22 May 2020
These days, fresh graduates are finding it tougher to get a job in Singapore. University graduates looking for work are starting to have fewer options, and frequently find themselves having to accept short-term contract offers as well as a lower starting salary compared to previous batches.
Nominated MP Walter Theseira, who is also Singapore University of Social Sciences’ associate professor of economics, said the current economic disruption may last longer than the global financial crisis of 2008-2009.
The government will implement some measures to assist job seekers. For a start, financial institutions will receive $2,000 every month for each Singaporean fresh graduate or Singaporean worker from other sectors they hire, as part of a Monetary Authority of Singapore talent development initiative.
NUS education economist Kelvin Seah said: “There are likely to be fewer job openings, more short-term contracts instead of permanent positions, and lower starting salaries for university graduates. Unless there is a real need for workers, most companies are likely to want to play it safe, and to hire in smaller numbers, if at all.”
Internships may also be deferred or rescinded, he said, as most companies’ immediate focus is on cutting losses and staying in business.