While business restructuring resulted in increased redundancy leading to more layoffs, Singapore has managed to keep its unemployment rate low in the third quarter of 2014.
The Employment Situation Third Quarter 2014 report by the Ministry of Manpower (MOM) showed there was a significant increase in redundancy due to restructuring, resulting in around 3,400 workers being laid off.
This was an increase from 2,410 in the previous quarter and 2,710 in the third quarter year-on-year in 2013.
However, Singapore’s unemployment remained at a steady low, going from 2% in the second quarter to 1.9% in the third quarter.
There was a 2.8% unemployment rate for residents, whereas citizens had a slightly higher unemployment rate of 2.9%.
Even though significantly lower than a year before, the overall employment growth of this quarter remained largely unchanged from the previous quarter at 27,100 and 27,700 respectively.
Overall, the total employment in September 2014 at 3.6% was higher than that of the previous year but slightly lower than the 3.8% registered in June 2014.