Number of retrenched workers hit 7 year high

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.

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One thought on “Number of retrenched workers hit 7 year high

  1. Pingback: Workers’ Party propose modest Retrenchment insurance | The Singapore Daily

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