Redundancies rise as oil rout, weak exports hammer Singaporean economy

Dismissals in financial services also rose.

Weak manufacturing demand and the slowdown in marine and construction projects are among the key culprits behind the rise in redundancies in 2015, according to the Ministry of Manpower (MOM).

The ministry's findings show that redundancies rose to 15,580 in 2015, compared to 12,930 in 2014. Manufacturing and engineering services formed the bulk of redundancies, but dismissals also rose in wholesale trade and financial services, amid global economic uncertainties, on-going restructuring and reorganisation of businesses.

Residents continued to be less vulnerable than foreigners to redundancy, as their share of redundancies (58%) remained lower than their two-thirds share in employment. The incidence of redundancy among residents (7.1 layoffs per 1,000 employees) was also lower than foreigners (7.7 per 1,000) in 2015.

Among residents made redundant in 2015, those aged 40 and over (65%) formed the majority. PMETs (8.9 layoffs per 1,000 employees compared to the overall 7.4) remained more vulnerable to redundancy than other occupational groups, continuing the trend since 2012.

66% of residents made redundant in the first nine months of 2015 found employment by December 2015. While it dipped from 68% in 2014, the rate remained within a stable range.

The decline in re-entry rates was observed across age and occupation groups. 81% of residents who re-entered employment took three months or less to secure their new job, broadly similar to past cohorts.