SINGAPORE: More people in Singapore were laid off last year, with older workers hit the hardest, figures released by the Ministry of Manpower (MOM) on Wednesday (Apr 20) showed.
A total of 15,580 workers were laid off in 2015, a jump from the 12,930 laid off the previous year, according to the ministry’s annual Redundancy and Re-entry into Employment report.
Among residents made redundant, those aged 40 and above formed the majority at 65 per cent. PMETs (professionals, managers, executives and technicians) were also more vulnerable, with 8.9 layoffs per 1,000 employees compared to the overall 7.4.
Overall, residents were less vulnerable to lay-offs compared to foreigners, with the incidence of redundancy among residents at 7.1 layoffs per 1,000 employees lower than foreigners at 7.7 per 1,000.
SOFTER ECONOMIC CONDITIONS A KEY CAUSE
Firms cited ongoing business restructuring and softer economic conditions as the main reasons for redundancies, the report said.
The majority of the increase came from the manufacturing and professional services sector, which has been hit by the fall in global oil prices and a slowdown in marine and construction demand. Redundancies also rose in wholesale trade and financial services.
The rate of re-entry into employment among residents also fell. According to the report, 66 per cent of residents who were laid off between January and September last year found employment by December, compared to the rate of 68 per cent in 2014.
A total of 81 per cent of residents who re-entered employment took three months or less to secure their new job, broadly similar to past cohorts, the ministry said.
“MOM will continue to closely monitor the economic and labour market situation, and work with tripartite partners to strengthen employment support to help displaced locals re-enter employment,” the ministry said.