More Singapore graduates in 2024 jobless 6 months after leaving university: Survey; DBS to cut around 4,000 contract, temp staff as AI replaces roles: Singapore live news

Yahoo

25-02-2025

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More graduates in 2024 were jobless six months after leaving university, according to a survey released on Monday (23 Feb). Of the 12,500 fresh graduates polled in the 2024 Joint Autonomous Universities Graduate Employment Survey, 87.1 per cent were employed within six months of completing their final exams. However, the median gross salary among fresh graduates rose in 2024, increasing by 4.2 per cent from $4,317 last year to $4,500.
DBS Group is looking to cut around 4,000 contract and temporary roles over the next three years, with artificial intelligence (AI) replacing staff in these roles. Chief executive officer Piyush Gupta the news, telling Bloomberg that the bank will trim its workforce following adoption of AI across its business.
Read more in our live blog below, including the latest local and international news and updates.
DBS Group is looking to cut around 4,000 contract and temporary roles over the next three years, with artificial intelligence (AI) replacing staff in these roles.
Chief executive officer Piyush Gupta confirmed a Press Trust of India news agency report, telling Bloomberg that the bank will trim its workforce following adoption of AI across its business. Bloomberg reported that the bank has about 8,000 to 9,000 of such staff.
Gupta also said that permanent staff will not be affected.
According to a Bloomberg Intelligence report last month, global banks are projected to cut as many as 200,000 jobs in the next three to five years as AI increasingly takes over the tasks that was once carried out by human staff.
For more on the DBS cuts, read here.
More graduates in 2024 were jobless six months after leaving university, according to a survey released on Monday (23 Feb).
Of the 12,500 fresh graduates polled in the 2024 Joint Autonomous Universities Graduate Employment Survey, 87.1 per cent were employed within six months of completing their final exams. There was a drop from 89.6 per cent in 2023, which itself was a drop from 93.8 per cent in 2022.
Conversely, the proportion of those who were unemployed saw a rise across the years. In 2022, 6.2 per cent were unemployed, with the numbers doubling for 2024 to hit 12.9 per cent.
Of those who were employed, 79.5 per cent found a full-time job, a drop from 84.1 per cent in 2023. This continued a downward trend from 2022 which saw 87.5 per cent of the graduates securing a full-time job.
There was also a rise in those who went into part-time or temporary work, with 6 per cent of the respondents falling into this category. This was an increase from 4 per cent in 2023, and 4.4 per cent in 2022.
Among the 6 per cent, though, 3.8 per cent went into it voluntarily – comparative to 3.6 per cent in 2022 but a rise from 2.9 per cent in 2023. The proportion who went into part-time/temporary work involuntarily has been rising steadily since 2022, from 0.8 per cent to 2.2 per cent in 2024.
Those who went into freelancing remained somewhat steady at 1.6 per cent, compared to 2023's 1.5 per cent.
Higher median gross salary
However, the median gross salary among fresh graduates rose in 2024, increasing by 4.2 per cent from $4,317 last year to $4,500.
According to the survey, the business cluster saw the largest increase, with the salary rising from $4,150 in 2023 to $4,400 in 2024.
On the other end of the spectrum is the arts, design and media cluster which only saw a marginal increase of $60 to $3,800.
The survey was conducted by the National University of Singapore, Nanyang Technological University, the Singapore Management University, the Singapore University of Social Sciences, and the Singapore University of Technology and Design.
The Singapore Institute of Technology will release the results of its own survey separately at a later date.
DBS Group is looking to cut around 4,000 contract and temporary roles over the next three years, with artificial intelligence (AI) replacing staff in these roles.
Chief executive officer Piyush Gupta confirmed a Press Trust of India news agency report, telling Bloomberg that the bank will trim its workforce following adoption of AI across its business. Bloomberg reported that the bank has about 8,000 to 9,000 of such staff.
Gupta also said that permanent staff will not be affected.
According to a Bloomberg Intelligence report last month, global banks are projected to cut as many as 200,000 jobs in the next three to five years as AI increasingly takes over the tasks that was once carried out by human staff.
For more on the DBS cuts, read here.
More graduates in 2024 were jobless six months after leaving university, according to a survey released on Monday (23 Feb).
Of the 12,500 fresh graduates polled in the 2024 Joint Autonomous Universities Graduate Employment Survey, 87.1 per cent were employed within six months of completing their final exams. There was a drop from 89.6 per cent in 2023, which itself was a drop from 93.8 per cent in 2022.
Conversely, the proportion of those who were unemployed saw a rise across the years. In 2022, 6.2 per cent were unemployed, with the numbers doubling for 2024 to hit 12.9 per cent.
Of those who were employed, 79.5 per cent found a full-time job, a drop from 84.1 per cent in 2023. This continued a downward trend from 2022 which saw 87.5 per cent of the graduates securing a full-time job.
There was also a rise in those who went into part-time or temporary work, with 6 per cent of the respondents falling into this category. This was an increase from 4 per cent in 2023, and 4.4 per cent in 2022.
Among the 6 per cent, though, 3.8 per cent went into it voluntarily – comparative to 3.6 per cent in 2022 but a rise from 2.9 per cent in 2023. The proportion who went into part-time/temporary work involuntarily has been rising steadily since 2022, from 0.8 per cent to 2.2 per cent in 2024.
Those who went into freelancing remained somewhat steady at 1.6 per cent, compared to 2023's 1.5 per cent.
Higher median gross salary
However, the median gross salary among fresh graduates rose in 2024, increasing by 4.2 per cent from $4,317 last year to $4,500.
According to the survey, the business cluster saw the largest increase, with the salary rising from $4,150 in 2023 to $4,400 in 2024.
On the other end of the spectrum is the arts, design and media cluster which only saw a marginal increase of $60 to $3,800.
The survey was conducted by the National University of Singapore, Nanyang Technological University, the Singapore Management University, the Singapore University of Social Sciences, and the Singapore University of Technology and Design.
The Singapore Institute of Technology will release the results of its own survey separately at a later date.