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SINGAPORE: Re-employment prospects for retrenched workers hit a 9-year high last year.
The Manpower Ministry's Retrenchment and Re-employment 2006 report showed the annual average re-employment rate, within six months after retrenchment, rose to a post-Asian crisis high of 66 percent.
The improvement was felt across all age, education and occupational groups.
Specifically, re-employment rate among professionals, managers, executives and technicians (PMETs) went up from 65 percent in 2005 to 73 percent in 2006.
This rate surpassed that for clerical, sales and services workers, which used to be the most re-employable.
Both young and mature (aged 40 and over) retrenched PMETs benefited from the robust job market.
Re-employment rate for younger PMETs was 76 percent, while that for older workers was 69 percent.
Both rates were higher than the overall re-employment rate of 66 percent.
The retrenchment rate in the private sector rose slightly last year – up from 2005's 9.3 per 1,000 employees, to 10.
But it was still among the lowest recorded in the last 10 years – down substantially from the peak of 25 retrenched per 1,000 in 2001.
Sector-wise, there were more laid-offs in manufacturing than services and construction.
Retrenchment in manufacturing rose for the second straight year.
In contrast, retrenchment in services has dropped steadily since hitting a high of 19 laid-off per 1,000 employees in 2001.
The Manpower Ministry said that with the improved economic conditions, fewer workers were retrenched due to downturn and cost factors.
The most common reason for laying off workers was reorganisation of businesses such as a merger or change in management.
Younger workers aged 30 and below were the least vulnerable, while those without secondary qualifications remained the most vulnerable to retrenchment.
They have high risk of retrenchment and below-average re-employment rate.
The Ministry said this meant that they could still be facing structural challenges in the labour market.
The report is available online on the Manpower Ministry's website at www.mom.gov.sg/mrsd/publication.
- CNA/so
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