KUALA LUMPUR — Pandemic-stricken Singapore has seen its steepest drop in employment since the Severe Acute Respiratory System (SARS) outbreak of 2002-3. On Wednesday, the Ministry of Manpower announced that 19,900 jobs were shed during the first quarter of 2020, many of them in “consumer-facing food & beverage services and retail trade, and tourism-dependent accommodation,” which the ministry stated were among the sectors “most severely affected by the Covid-19 outbreak.” The job losses exceed those seen during the global financial crisis of 2008-9, when trade and investment-dependent Singapore was the first East or South-East Asian country to fall into recession. Singapore has the world’s fourth-highest gross domestic product per capita, according to International Monetary Fund rankings, and its overall unemployment rate remains a low 2.4 per cent.
JAKARTA — Despite decades of world-beating economic growth that has lifted hundreds of millions of people out of poverty and into middle class life, around 900 million more Asian workers remain in what the International Labour Organization deems “vulnerable” employment. Vulnerable employment refers to people who lack formal work arrangements or contracts, are often nonsalaried and working part-time in sectors such as agriculture or retail, and are sometimes self-employed. Such workers often can be fired without much notice and subsequently have no access to unemployment benefit.