The Strait Times newspaper today reported that in Dec 08, the number of graduates who are out of a job is more than twice the number in Dec 07.
Nothing surprising there as the world is in a financial crisis and it is the financial crisis that is blamed for the jobless rate in new graduates. With the financial crisis being the reason why Singapore is in recession now, there’s some truth in that.
However, I feel that the Strait Times is being a little politically correct here as there is another reason why degrees holders in Singapore are suffering more than all the other groups in Singapore.
The reason is that Singapore is still trying to recruit white collar workers (especially white white collar workers) to Singapore. If you are a boss in Singapore and you get to choose between an untrained, no job experience new Singapore graduate, and a highly experienced, recently retrenched old graduate who has worked overseas; who would you pick?
That’s the main reason why the jobless rate of graduates in Singapore is so high.