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Retrenchment in Singapore Climbs, PMETs Hardest Hit

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Retrenchment figures have climbed in the second quarter of 2018, with professionals, managers, executives and technicians (PMETs) hit the hardest.

There were 2,320 layoffs between January and March, but retrenchments in Q2 swelled to 2,500.

Of this, 79 percent of those retrenched were PMETs.

The Manpower Ministry reported that business restructuring and reorganisation were the top reason for retrenchment.

As of June, there were 67,300 residents and 59,800 Singaporeans unemployed.

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Labour MP and National Trades Union Congress assistant secretary-general Patrick Tay has warned Singaporeans to brace for themselves for more layoffs.

“Overall, the market is still in positive shape. However, there are uncertainties, disruptions and restructuring which may result in pockets of layoffs across sectors and particularly affecting PMETs.”

He encouraged both employers and workers to embrace the changes and disruptions with the right attitude and right mindset.

“See this period not as a challenge and threat but as an opportunity to re-invent, transform so that we stay ready, relevant, resilient.”

 

 

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