Singapore maintains training as a priority
Even with climbing unemployment rates, Singapore will continue to train its people and have more graduates, says Minister Mentor Lee Kuan Yew during his visit to China.
He feels Singapore will be lacking in skilled people once the recession is over. “You don’t educate them now, we have no time later. You would have lost a few years,” explains Lee during a meeting with Shanghai mayor Han Zheng.
According to a report by The Straits Times, unemployment among Singapore residents hit a five-year high of 4.8% for the first quarter this year, up from 2.5% the previous quarter.
The outsourcing trend which was popular before the recession hit will return and bring jobs back to Asia, says Lee. While America and Europe face union pressure to keep jobs in their own countries first, Lee feels it cannot last as companies that recover faster will begin to outsource and the market will be more competitive.
He urges Han to use this recession to build up the country’s talent pool, as the quality of a workforce takes the longest to recover. He also advises the mayor to beef up on the university population.
Source: Sandbox Advisors, HRM