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Office crowd at Singapore's CBD

More workers in Singapore laid off last year

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Restructuring within firms in Singapore has led to more professionals being laid off in the country.

According to a report by the Ministry of Manpower, 12,930 workers in Singapore were laid off last year.

The figure was higher than the 11,560 professionals laid off in 2013.

The rise in redundancies was mainly from non-residents, resulting in a fall in the resident’s share of redundancies, with firms citing restructuring and reorganisation as top reasons for the layoffs.

Fewer residents were reported to have been laid off in 2014 – from 7,520 in 2013 to 7,240 last year.

Majority of the residents laid off, however, re-entered into jobs quickly.

“As the job market remained tight, the rate of re-entry into employment for residents made redundant (within six months of redundancy) rose for the third successive quarter to 59% in December 2014,” the report stated.

It added the bulk of the layoffs came from the services and construction sector.

More than two-thirds (68%) of residents laid off in the first nine months who re-entered employment by the end of 2014, however, secured new jobs in an industry different from which they were laid off.

PMETs formed a smaller portion of the layoffs, decreasing from 56% in 2013 to 51% in 2014.

Image: Shutterstock

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