Retrenchments rise 21% in Q2 as re-employment slows

The six-month re-entry rate fell to 54.9% from 60.7% in Q1.

Retrenchments in Singapore rose by about 21% to 4,620 in the second quarter (Q2), from 3,830 in the previous quarter, according to the Ministry of Manpower (MOM).

The ministry attributed the increase to business reorganisation and restructuring in outward-oriented sectors, including manufacturing, information & communications, and financial services.

The retrenchment rate increased to 2.0 per 1,000 employees from 1.6 in Q1.

The proportion of retrenched residents who returned to employment within six months fell to 54.9% from 60.7% in the previous quarter.

The 12-month re-entry rate stood at 69.8%, compared with 69.4%, indicating that retrenched workers were taking longer to secure new jobs, MOM said.

Meanwhile, total employment increased by 11,400 during Q2, higher than the 9,400 increase in Q1 and 10,400 a year earlier, marking the 19th consecutive quarter of employment growth.

However, resident employment growth slowed to 2,200 from 5,400 in the previous quarter, whilst non-resident employment rose by 9,200, driven by work permit holders in construction and manufacturing.

Unemployment rates in June stood at 1.9% overall, 2.9% for residents and 3% for citizens. The resident long-term unemployment rate edged up to 1% from 0.9% in March.

Job vacancies declined to 68,600 in June from 73,300 in March, mainly due to fewer ‘Professionals, Managers, Executives, and Technicians’ (PMET) vacancies in financial services and information & communications.

Entry-level PMET vacancies accounted for 45.3% of all vacancies, or 31,700 openings, compared with 43.6%, or 32,800 vacancies, in March.

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