Chart of the Day: Unemployment rate higher for lower-skilled workers

Lower-skilled Singaporeans are less internationally mobile and will be more affected when growth slows.

The Ministry of Trade and Industry reported:

Of particular concern are lower-skilled Singaporeans, who are less internationally mobile and will be more affected when growth slows.

Evidence elsewhere in the world suggests that lower-skilled workers, who are typically more poorly educated and draw lower wages, tend to have the highest rate of unemployment during periods of slow growth.

This has also been Singapore’s experience.

International studies further note that such workers are likely to face financial difficulties when they are retrenched, as they have a smaller savings buffer to fall back on during spells of unemployment.