Breaking: MOM unveils redundancy stats for 2015

New data from the Ministry of Manpower has revealed a number of concerning redundancy trends which occurred in 2015

Breaking: MOM unveils redundancy stats for 2015
Singapore had a total of 15,580 redundancies in 2015, an increase from 12,930 in the previous year. These figures were among key findings from the Ministry of Manpower (MOM) report, Redundancy and Re-entry into Employment 2015 which was released today (20 April).
The higher redundancy rate was attributed to on-going business restructuring and softer economic conditions, the Ministry said.
Most workers made redundant came from manufacturing and professional services. In this latter sector, engineering services formed the bulk of all redundancies.
The number of redundancies also rose in wholesale trade and financial services.
The report also found that residents were less vulnerable to redundancy than foreigners. Although 58% of all redundancies were residents, this was far lower than the 66% share that residents hold in the Singapore workforce.
Amongst residents, there were 7.1 layoffs per 1,000 employees in 2015. This was lower than the 7.7 layoffs per 1,000 found amongst foreign workers.
MOM also found that professionals, managers, executives and technicians (PMETs) were more vulnerable to redundancy with 8.9 layoffs per 1,000 employees. This continues a trend seen since 2012.
“Amid on-going restructuring and softer economic conditions, redundancies have risen since 2010,” the Ministry said in a statement. “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.”

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