AIA Singapore to create up to 500 job opportunities to help tackle unemployment amid COVID-19

SINGAPORE: Insurance provider AIA Singapore has pledged to create up to 500 job opportunities for fresh graduates and mid-career job seekers to help cushion the blow of rising unemployment amid COVID-19.

Successful candidates will undergo an initial 10-month training programme, leading to three certifications in finance and investment.

Financial support of between S$2,000 and S$5,000 per month will be provided during the programme, with a bonus awarded upon completion of certain training modules.

“At a time when so many are impacted by retrenchment or are struggling to find jobs, it is vital that we support Singaporeans and permanent residents by creating sustainable and long-term career opportunities,” said Ms Wong Sze Keed, CEO of AIA Singapore in a media release on Monday (Sep 21).

“The AIA Financial Career Scheme 2020 equips individuals with the skills and necessary financial knowledge to pursue a new career path in the financial services

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Unemployment Claims Send Another Worrisome Note

Despite some signs of economic revival, the outlook for American workers remains treacherous, with layoffs continuing to claim hundreds of thousands of jobs a week.

The weekly figures on unemployment claims from the Labor Department on Thursday showed no relief, reflecting what Michael Gapen, chief U.S. economist at Barclays, said was “a transition to a slower pace of recovery, and one that will be more uneven.”

The department reported that more than 857,000 workers filed new claims for state unemployment insurance last week, before seasonal adjustments, a slight increase from the previous week. On a seasonally adjusted basis, the total was 884,000, unchanged from the revised figure for the previous week.

In addition, about 839,000 new claims were tallied under a federal program called Pandemic Unemployment Assistance, which provides assistance to freelancers, part-time workers and others who do not ordinarily qualify for state benefits. That figure, which is not seasonally

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Job vacancies remain unfilled as unemployment claims increase | Economy & business

At its peak, more than 4,500 unemployment insurance claims were filed by Frederick County residents during the COVID-19 pandemic. During the week of Sept. 12, less than 200 new claims were filed in the county.

It’s a significant drop, but it indicates people are still losing their jobs or can’t find new employment opportunities six months into the global pandemic. Meanwhile, many industries like manufacturing, construction and nursing are actively hiring and not getting the help they need.

According to iHire, a Frederick-based website for jobseekers and employers, 36.9 percent of current job seekers are unemployed due to the coronavirus pandemic.

Meanwhile, 27.9 percent of companies that aren’t hiring right now are doing so because they’ve had to downsize during COVID-19. But some fields are actively growing, said Patty McDonald, business services manager for Frederick County Workforce Services. These include manufacturing, life sciences and bio-health, transportation and health care, most

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Unemployment Insurance Hasn’t Disincentivized Workers From Re-entering the Job Market

August 5, 2020 at 5:00 am ET

  • The supplemental benefits from the CARES Act expired July 31, 2020, and many of the protections for renters and borrowers have expired or are set to do so shortly.

  • Monthly Morning Consult survey results from May, June and July show that roughly 5.4 million unemployed Americans are unable to cover basic expenses for a full month without financial support from unemployment insurance. These financially vulnerable unemployed Americans weaken U.S. households’ balance sheets, drag down spending and increase the risk of consumer delinquencies and defaults.

  • Unemployed workers who received more in unemployment insurance benefits than they did from their previous job did not return to work at a slower rate than those who received less in UI, casting further doubt on the distortionary effects of expanded UI benefits on workers’ incentives.

This analysis was authored by Morning Consult Economist John Leer.

Five days after

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N.C. files for federal Lost Wages unemployment insurance benefits; payments may last just three weeks | Business News

A high-profile federal extended unemployment supplement may last just three weeks and provide only $300 a week to qualified unemployed and furloughed North Carolinians, the state Commerce Department said Thursday.

The state submitted its application for at least $321 million from what has become known as the Lost Wages Assistance program.

Lost Wages payments would be made retroactively for the weeks ending Aug. 1, Aug. 8 and Aug. 15.

“According to FEMA guidance, the agency will assess further distribution of funds” following the three-week dispersal, Commerce said in a news release.

President Donald Trump signed a form of an executive order that utilizes $44 billion in Federal Emergency Management Agency funding. Eleven states’ applications have been approved as of Thursday.

The Lost Wages assistance would be a short-term replacement for the $600 federal weekly UI supplement that was available from mid-April until July 26 when it was allowed to expire

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U.S. adds 1.8 million jobs in July; unemployment rate drops to 10.2%

U.S. hiring slowed in July as the coronavirus outbreak worsened, and the government’s jobs report offered signs Friday that the economic damage from the pandemic could last far longer than many observers originally envisioned.

The United States added 1.8 million jobs in July, a pullback from the previous two months. At any other time, hiring at that level would be seen as a blowout gain. But after employers shed a staggering 22 million jobs in March and April, much larger increases are needed to heal the job market. The hiring of the past three months has recovered 42% of the jobs lost to the pandemic-induced recession, according to the Labor Department’s report.

Though the unemployment rate fell last month from 11.1% to 10.2%, that level still exceeds the highest rate during the 2008-2009 Great Recession.

Roughly half the job gains were in the industries hit hardest by the virus: restaurants,

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In California, 57% filing for unemployment lost their jobs again

Men wait at dawn in order to be the first in line to enter a bookkeeping shop to fill out unemployment forms near the U.S.-Mexico border in Imperial County, which has been hard-hit by the COVID-19 pandemic, on July 24 in Calexico, California.

Photo by Mario Tama/Getty Images

Thousands of workers in California are turning to the state’s unemployment system for a second time.

Indeed, more than half of people who recently applied for unemployment benefits in the Golden State had lost their jobs (or had their hours cut) again after having returned to work, according to an analysis published Thursday by the California Policy Lab.

It’s a drastic rise from earlier in the coronavirus pandemic and hints at the fickle nature of the economic recovery across the country.

“It’s become apparent that for the individuals who have been lucky enough to return to work, they’re seeing that this new

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Opinion | The financial relief plan has worked. But it shows the woeful state of unemployment insurance.

Consequently, the expected household debt crisis has not materialized. Total credit card debt has fallen from $900 billion in March to $800 billion now, and fewer than 2 percent of accounts are past due, according to the Wall Street Journal. (Of course, shopping and dining out were impossible in many places.) As for mortgages, 30-day past-due accounts have spiked, according to CoreLogic, but “serious” delinquencies — 90 days past due or more — are at a 20-year low, as are foreclosure rates.

People are struggling; the poorest most of all. But it could have been far worse. This is as it should be. Government called on the people, essentially, to cease producing goods and services, and so it was up to government to shield them from financial disaster — in effect, to take individual and small business debt onto the national balance sheet.

There is no immediate issue of “moral

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Weekly unemployment claims drop, but jobs not yet recovered

Updated


SEATTLE (AP) — New weekly claims for unemployment insurance in Washington

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How Low Can Dems Go On Unemployment Benefits?

WASHINGTON ― The extra $600 a week Congress added to unemployment benefits is set to expire in a matter of days, and Republicans and Democrats remain as far apart as ever on a deal to extend the money ― both between their parties and within them.

Senate Republicans have delayed unveiling their own legislation to extend the benefits all week, with Majority Leader Mitch McConnell (R-Ky.) now saying Republicans in his chamber will release their bill on Monday. 

Democratic leaders won’t have much time to negotiate before benefits expire. In fact, even though the extra money was supposed to last until the end of July, many recipients will get their final $600 on Saturday or Sunday, because most states pay benefits on the weekend and July 31 is a Friday. (Regular state unemployment benefits, which are much lower, will continue.) 

And when lawmakers finally get around to hashing out final

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