ASEAN KEY DESTINATIONS
Singapore: Recovery helps reduce job losses
Redundancies fell from the record high in the first quarter of 2009 to pre-recession quarterly levels in the last quarter of the year, reported the city state online news daily Channel News Asia.
The number was also well below that in previous recession levels, reflecting the impact of the Resilience Package and concerted tripartite efforts in saving jobs said the Ministry of Manpower.
The key findings from the 2009 Redundancy and Re-employment report released by MOM's Research and Statistics Department also found that re-employment had improved after hitting a low in the middle of the year, though re-employment for the year was still lower than in 2008.
CPF records showed that 52 percent of residents laid off in the third quarter of 2009 were re-employed as at December of the year.
This re-employment rate (within six months after redundancy) was up slightly from September 2009, after improving from the low of 43 percent in June 2009.
Cumulatively, 65 percent of residents made redundant in the first three quarters of 2009 were re-employed by December 2009.
As for retrenched residents, the cumulative re-employment rate was 65 percent, lower than 77 percent in 2008, but comparable to that seen in the previous downturns in 2001 and 1998.
The report found that as Singapore's economy emerged from the recession, redundancies continued to fall, reaching 2,220 in the fourth quarter of 2009, which was back to pre-recession quarterly levels.
In total there were 23,430 workers made redundant in 2009, comprising 20,160 retrenched and 3,270 whose contracts were prematurely terminated.
This was was higher than the 16,880 in 2008, due to the large number laid off in the first quarter of 2009 amid the economic downturn.
The redundancies were seen across three broad occupational groups.
Production & related workers saw 11,330 or 48 percent made redundant, while Professionals, Managers, Executives & Technicians (PMETs) saw the largest increase both in absolute and percentage terms, from 6,200 in 2008 to 9,570 in 2009 (rise from 37 percent to 41 percent) and clerical, sales & service workers saw 2,530 or 11 percent laid off.
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