THE strong economic recovery has given jobs to more people, but degree holders are not getting them fast enough. Those snapped up quickest are diploma holders. Their jobless rate shrunk the most, halving from 4.1 per cent during the recession in March last year to 2.1 per cent a year later.
In contrast, graduates were less sought after as their jobless rate had barely improved. It dipped slightly, from 3 per cent to 2.8 per cent during the same period, according to the Ministry of Manpower's (MOM) first quarter labour market report released on Tuesday.
What makes diploma holders more attractive to employers is that they tend to command lower salaries, say analysts. As for degree holders, they may also be a little more picky with jobs.
As labour economist, Professor Chew Soon Beng from the Nanyang Technological University, puts it: 'The degree holders want a better job so they are not in a hurry to find jobs. If you are not as educated, you know this is the best you can do, so better grab it.'
He was commenting on the labour report which fleshes out earlier estimates which showed that 36,500 jobs were added in the midst of a robust rebound in January to March.
The strong job gains soaked up more job seekers, resulting in the unemployment rate for residents heading south. It moved from 4.6 per cent last March to 3.2 per cent a year later.
- The Straits Times
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