According to figures released by the MOM today (13 Dec), the number of retrenched workers hit a 7-year high in 2016. This figure is the highest since the 2009 Global Financial Crisis.
In the first 9 months of this year, there were 13,730 workers who were laid off. This marks a 35% increase over the 10,220 number during the same period last year.
MOM said that such a scenario reflects the “current subdued global economic conditions and on-going economic restructuring”.
Total employment grew by 14,500 in the first nine months while of those who had been retrenched in the 2nd quarter, 51% have managed to find re-reemployment.
However, in a sign that worse things are coming, total employment shrank by 2,700 during the 3rd quarter.