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More non-residents laid off in 2014 on back of economic restructuring
Mainly from services and construction.
More non-residents were made redundant from their jobs in 2014 on back of the ongoing economic restructuring.
Data released today by the Ministry of Manpower (MoM) showed that 12,930 workers were laid off last year, higher than the 11,560 workers laid off in 2013.
The rise in redundancies was from non-residents, resulting in a fall in the resident’s share of redundancies.
The increase in redundancy was mainly from services. Layoffs in construction also rose amid a decline in private sector construction output.
The MoM stated that more than two-thirds or 68% of residents laid off in the first nine months who re-entered employment by the end of 2014 secured new jobs in an industry different from which they were laid off, largely similar to cohorts after 2009.
"As the labour market remained tight, re-entry into employment among residents who were laid off improved, of whom half secured employment within a month of their redundancy," stated the MoM.
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