Introduction
The Singapore booming economy has allowed a record proportion of the resident population to secure various employment opportunities, with notable gains that have been achieved mostly by women and older people. The trend of continued tightening of the labour market in 2007 also resulted in significant increases in the overall income and the reduction in the number of low wages workers. Therefore, following this rapid gains and the record employment rate among the residents, the growth in the labour force eased back in 2007, mainly due to the smaller pool of remaining residents to bring into work. In this essay, we will discuss the trend of the graduate labour market for the past ten years in Singapore (Kang, & Leong, 2012).
Overview
According to the study that accounted for differences in the industry and of course, the establishment-size composition decreases the entire spread of the labour share of graduate job-hours across may countries by approximately 54%. Therefore, the residual that is found between the predicted and observed proportions of the graduate labour market varies between 18.3 (Finland) and 12.4 (Indonesia) percentage points. In fact, Indonesia, Austria, Germany, Chile, and Ireland have a relatively large or significant negative surplus, which, on the other hand, implies that the low prevalence of the graduate labour market is not accounted for by the establishment-size as well as the industrial structure. In the same concept, it is noted that there is high graduate labour market in Singapore. Given that this country has a substantial migrant population, SAS excluded the Singapore’s migrant people from the survey to check on just the permanent residents and citizens of Singapore (Pang, Liu, & International Labour Office. 1975).
Influx of Foreign Talents In Singapore
Singapore has a population of about 5.6 Million, and the number of foreign workers has recently increased from around 1, 053, 500 in December 2009 to 1,336,700 in June 2014 according to the statistic figures from the Manpower Ministry. However, the overall unemployment is standing at just under 3%. According to the Singapore residents, the legislature designed to ensure locals are reasonably considered for the jobs is not competent, and that the expats are more likely to work few hours and get promoted faster compared to the Singaporeans.
Graduate Labour Market in 2007-2008
In recent decades, Singapore became one of the most prosperous countries all over the world. In fact, by the year 2008, the Singapore ports were the busiest and its Gross Domestic Product (GDP) per capita was equal to some countries in Western Europe. By then, it had various strong international trading connections, and its real GDP growth was approximately 7% before the financial crisis that hit in back in the year 2008. In 2008, the total graduate labour market rate increased by about 221, 600 or 8.1%. The overall rate was driven by the steady gain in the first half of that years. However, it was lower compared to the employment rate increase in 2007, which was about 234, 900 or 9.4%. Because of the weakening world economy, the growth in employment slowed down significantly to around 21, 300 in the fourth quarter of 2008. This slow down was felt in many industries in Singapore, which shed about 7,000 workers in this quarter (Rousseau, & Schalk, 2000).
On the same year, the service graduate employment rate grew with about 136, 400 back in 2008. The increase was slightly lower compared to the 143, 100 in 2007. However, the entire growth of Singapore economy in the fourth quarter of 2008, slowed down.
Figure 1.0
