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Welcome 2019: Retrenchment Up 28 Percent

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Retrenchments rose by 28 percent for the first quarter of 2019.

The number of retrenched employees stood at 3,230, up from 2,510 in the previous quarter.

This number was also 30 percent higher than the number of retrenchments in Q1 2018.

Most affected workers came from the electronics sector and the Manpower Ministry says this was driven by manufacturing losses.

Among retrenched residents, professionals, managers, executives and technicians (PMETs) continued to make up the majority (69 per cent).

Workforce re-entry rates continued its dismal showing in 2018, with about 40 percent of retrenched workers not re-entering the workforce.

This comes as Singapore saw its the slowest quarter growth in nearly a decade in the Q1 2019, at 1.2 per cent.

National Trades Union Congress assistant secretary-general Patrick Tay, in a Facebook post, noted the retrenchment figures were higher than expected and growth in total employment lower than anticipated.

 

 

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