Singapore’s retrenchment hits highest since 2009

Illustrative photo (Photo: todayonline.com)

 Singapore (VNA) – Singapore’s retrenchment has reached the highest level in the past seven years since the 2007 – 2009 financial crisis, according to the latest report of the country’s Department of Manpower (MOM).

A total of 13,730 workers were laid off in the first nine months of this year, an increase from 10,220 during the same period last year and the highest since the first nine months of 2009 when 21,210 jobs were cut.

The MOM report also noted that professionals, managers, executives and technicians (PMETs) are more likely to be made redundant. They formed the lion’s share of 73 percent of sacked employees in the third quarter in Singapore.

The overall unemployment rate of the Southeast Asian country remained at 2.1 percent while unemployment rate among Singaporean citizens was 3 percent in September, down from 3.1 percent in June, the report showed.

According to MOM, total employment shrank by 2,700, the first decline in more than a year, mostly due to sluggishness of the manufacturing and construction industries.

The contraction in total employment, high redundancy level and decline in job vacancies reflects the current subdued global economic conditions as well as ongoing economic restructuring, the ministry said.-VNA

VNA