MORE SINGAPORE WORKERS RETRENCHED IN 2014 DUE TO RESTRUCTURING

Based on MOM data released on 23 April 2015, due to a rise in redundancies of non-residents, more people were laid off in Singapore last year.

In 2014, 12,930 workers were laid off, up from 11,560 in 2013. In other words, 6.3 workers were made redundant for every 1,000 employees, the report said.

However, fewer residents were made redundant last year – 7,240 were laid off last year, as compared to 7,520 in 2013. The top reasons cited by firms for the redundancies were restructuring and re-organisation.

The increase in redundancies was mainly from the services sector, said MOM. Layoffs in the construction sector also went up, amid a decline in private sector construction output.

PMETs formed 51 per cent of the layoffs last year, as compared to 56 per cent in 2013. The likelihood of redundancy among PMETs remained higher than clerical, sales and service workers, and production and related workers.

Fortunately, residents who were made redundant found replacement jobs more quickly than last year. The rate of re-entry into employment within six months of being laid off rose for the third consecutive quarter to 59 per cent in Dec 2014, said MOM.

In addition, 68% of residents who were laid off in the first three quarters of 2014 found jobs by December in the same year. This is compared to 66 per cent of the previous cohort.

About half of those who were laid off found new jobs within a month, and 68 per cent found work in a different industry, the data revealed.

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