The Importance Of Unemployment In Singapore
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“Governments should play active roles in managing short-run instability in the economy caused by unemployment and inflation problems.” I strongly agree with this statement as far as my own country is concerned. Singapore, although a very small island of about 700 square kilometres in the South East Asia, is an international business hub. The population is about 5.7 million as of July 2015 which consists of Chinese, Malays, Indians and other emigrants like Filipinos and Caucasians. Singapore has an ever growing free-market economy and compared to other developed countries, the Gross Domestic product is relatively higher. (Cia.gov, 2016).
2.0 Unemployment in Singapore The above chart sights the employability rate in Singapore from 2006 to the 1st quarter of 2016 (Stats.mom.gov.sg, 2016). As we can refer here, the rate has been decreasing. According to the world’s unemployment rate, Singapore was ranked 12th among 207 countries with a 2% in 2015 (Cia.gov, 2016). This is quite an achievement for the country; but how does the government achieve this?
Singapore’s most valued capital is its workforce because there are no natural resources in the country. The government is fully aware of this and has various schemes and policies to upgrade and protect the rights of and individual in the workforce.
2.1 Protecting the Workforce
The Ministry of Manpower is a government body which regulates minimal wages, employment disputes, abuse, misconduct, work place
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There is a risk of loss of talent and skills, since a great amount of university graduates are unable to find a job and put their knowledge and capabilities into producing innovation and contributing to economic growth. Furthermore, having a large share of the young workforce unemployed, not only leads to reduced productivity and gross domestic product (GDP), it also increases the economic costs for the country, since there is a need for more money to be paid out on social grants and less money coming in from taxes. High unemployment rate also pose as a threat to the safety and security of Gauteng province, youth are most likely to resort to other measures such as
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