According to the Ministry of Manpower’s Labour Market First Quarter 2016 report, a significant percentage of these redundancies were PMETs
According to the Labour Market First Quarter 2016 report released by the Ministry of Manpower (MOM) yesterday, 71% of those made redundant were professionals, managers, executives and technicians (PMETs).
Broken down by industry, 54% of all redundancies were from the services sector with 13% from professional services, 11% from wholesale trade and 9% from financial services.
Manufacturing accounted for 38% of redundancies with construction taking up the remaining 8%.
An additional 920 workers were placed on a short work-week or temporary layoff in Q1 2016. This was higher than a quarter ago when 810 employees were in similar circumstances.
The bulk of these (57%) were from the manufacturing sector. Services accounted for 28% while construction accounted for 15%.
Out of those made redundant in Q4 2015, only 46% re-entered employment by March 2016. This is the lowest rate since June 2009 with the hardest hit demographics being those with post-secondary, diploma or professional qualifications.
Additionally, the seasonally adjusted recruitment rate remained unchanged at 2.4% while the resignation rate decreased from 1.9% in Q4 2015 to 1.8% in Q1 2016.
MOM defines the recruitment/resignation rate as the total number of people who have been recruited or who have resigned in a month divided by the average number of workers in the establishment.
Other figures of interest from the labour market report for the first quarter include:
- Employers worked an average of 45.5 paid hours per week
- Paid overtime per employee decreased slightly to 3.3 hours per week
- Overall unemployment rate stayed unchanged at 1.9%
- Resident unemployment rate dropped from 2.9% to 2.7% from last quarter
- Citizen unemployment rate dropped from 3.0% to 2.6% from last quarter
- Total employment grew by 13,000 in first quarter of this year
MOM releases 2015 wage practices report
MOM unveils redundancy stats for 2015
MOM releases labour market stats for 2015