Tan See Leng on impact and support for workers amid big tech layoffs
As of June 2022, the Information and Communications (I&C) sector employs 136,100 residents. This number has increased steadily over the past five years, growing by an average of 8,100 resident workers per year from June 2017 to June 2022. In comparison, the retrenchment numbers over the past five years have been relatively low, at an average of 790 resident workers per year. Based on the available labour market data, 260 residents were retrenched in the first half of this year, compared with the increase of 7,000 residents employed in the sector. Manpower Minister Tan See Leng, who gave this update in reply to MPs' questions in Parliament on Monday (Nov 28), said recent retrenchment notices received by the Ministry of Manpower (MOM) indicate an uptick in retrenchment of residents in the sector. MOM has received notices of retrenchment for 1,270 resident workers from tech companies from July to mid-November this year. Around eight in 10 of these affected workers were in non-tech roles, such as sales and marketing. Around seven in 10 were aged 35 and below. He said this is consistent with the low median age of employed residents in the I&C sector. Turning to employment support measures for affected workers, he said most workers from the I&C sector have been able to secure a job soon after retrenchment. In the second quarter of 2022, the rate of re-entry into employment within six months post-retrenchment for residents in the sector was higher than for the overall economy for both tech and non-tech workers. Dr Tan said this suggests that retrenched non-tech workers had also found employment opportunities across the I&C sector and the larger economy. Job vacancies in the I&C sector continued to rise from 11,100 in December 2021 to 12,100 in June 2022. This latest figure is more than triple the 3,800 vacancies in June 2020. In addition, other sectors like financial services are also hiring for tech roles. Taken together, this reflects that there is strong supportive capacity across the larger economy and opportunities for affected workers to fill in-demand roles, said Dr Tan. MOM is mindful that hiring demand may moderate in some parts of the I&C sector, said Dr Tan. It will continue to closely monitor retrenchment trends, as well as provide assistance to affected workers in both tech and non-tech roles. It will also continue to work on expanding opportunities in the digital domain and invest in workers to equip them with the skills and experience to seize opportunities, said Dr Tan.
As of June 2022, the Information and Communications (I&C) sector employs 136,100 residents. This number has increased steadily over the past five years, growing by an average of 8,100 resident workers per year from June 2017 to June 2022. In comparison, the retrenchment numbers over the past five years have been relatively low, at an average of 790 resident workers per year. Based on the available labour market data, 260 residents were retrenched in the first half of this year, compared with the increase of 7,000 residents employed in the sector. Manpower Minister Tan See Leng, who gave this update in reply to MPs' questions in Parliament on Monday (Nov 28), said recent retrenchment notices received by the Ministry of Manpower (MOM) indicate an uptick in retrenchment of residents in the sector. MOM has received notices of retrenchment for 1,270 resident workers from tech companies from July to mid-November this year. Around eight in 10 of these affected workers were in non-tech roles, such as sales and marketing. Around seven in 10 were aged 35 and below. He said this is consistent with the low median age of employed residents in the I&C sector. Turning to employment support measures for affected workers, he said most workers from the I&C sector have been able to secure a job soon after retrenchment. In the second quarter of 2022, the rate of re-entry into employment within six months post-retrenchment for residents in the sector was higher than for the overall economy for both tech and non-tech workers. Dr Tan said this suggests that retrenched non-tech workers had also found employment opportunities across the I&C sector and the larger economy. Job vacancies in the I&C sector continued to rise from 11,100 in December 2021 to 12,100 in June 2022. This latest figure is more than triple the 3,800 vacancies in June 2020. In addition, other sectors like financial services are also hiring for tech roles. Taken together, this reflects that there is strong supportive capacity across the larger economy and opportunities for affected workers to fill in-demand roles, said Dr Tan. MOM is mindful that hiring demand may moderate in some parts of the I&C sector, said Dr Tan. It will continue to closely monitor retrenchment trends, as well as provide assistance to affected workers in both tech and non-tech roles. It will also continue to work on expanding opportunities in the digital domain and invest in workers to equip them with the skills and experience to seize opportunities, said Dr Tan.
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