Job shrinkage shows cold marketLocal | Angel Kwan 9 Dec 2019
The sharp drop in the number of private sector jobs made known to the Labour Department in November indicates the job market is shrinking, Secretary for Labour and Welfare Law Chi-kwong warned yesterday.
There were 85,692 private job vacancies received by the Labour Department in November -- a drop of 14.1 percent from October. But when compared to the 125,500 jobs received during the same period last year, the year-on-year decrease was 31.7 percent.
Writing in his blog yesterday, Law said although the department is just one of many ways employers recruit people, the numbers can be seen as a "thermometer" of the job market.
The number of employed people in the private sector also dropped in June year-on year -- the first time in the past 10 years, Law wrote.
He said the "Love Upgrading Special Scheme," which offers courses to help the unemployed re-enter the job market, has received 4,144 applications for the first two months since it started in October.
Law also wrote that the Labour Department will launch a series of policies to refine other current employment programs.
These include increasing vacancies for the Career Kick-start project under the Youth Employment and Training Program (YETP) from 100 to 200 each phase starting from this month. Subsidies provided to NGOs participating in the project will also be increased to encourage them to provide internship opportunities for teenagers with low levels of education or suffering from emotional problems.