Redundancies in Singapore

by | Jan 24, 2016 | Social Economic Indicators |

Latest statistics from the Ministry of Manpower indicate that redundancies in 2015 reached 10,160 in the 9 months up to September.

Unlike earlier years when redundancies mostly affected the manufacturing and construction sector, recent redundancies seem to suggest that PMETs and workers in the services sector are feeling the heat more.  The transport and storage, financial and insurance, and professional services sectors have seen large numbers of redundancies this year.

 

Data source: Manpower Research and Statistics Department, Ministry of Manpower, Singapore

Definitions

Redundancy comprises retrenchment and early release of contract workers due to redundancy.  In short,

Redundancy = Retrenchment + Early Release of Contract Workers

Retrenchment refers to the termination of employment of a permanenet employee due to redundancy.
Early release of contract workers refers to employees on term contracts which were terminated prematurely becuse of redundancy.