Singapore’s retrenchment hits highest since 2009

Illustrative photo (Photo: todayonline.com)

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

A total of13,730 workers were laid off in the first nine months of this year, an increasefrom 10,220 during the same period last year and the highest since the firstnine months of 2009 when 21,210 jobs were cut.

The MOMreport also noted that professionals, managers, executives and technicians(PMETs) are more likely to be made redundant. They formed the lion’s share of73 percent of sacked employees in the third quarter in Singapore.

The overallunemployment rate of the Southeast Asian country remained at 2.1 percent whileunemployment rate among Singaporean citizens was 3 percent in September, down from3.1 percent in June, the report showed.

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

Thecontraction in total employment, high redundancy level and decline in jobvacancies reflects the current subdued global economic conditions as well asongoing economic restructuring, the ministry said.-VNA

VNA