3,400 workers fired in 4Q12

Unemployment rate was 1.8% in December.

According to the latest report from the Ministry of Manpower, layoffs rose for the second consecutive quarter, reflecting the impact of economic slowdown and restructuring. Some 3,400 workers were laid off in the fourth quarter of 2012, up from 2,850 in the preceding quarter. For the full year of 2012, 11,000 workers were made redundant, higher than the 9,900 in 2011.

Nevertheless, this was still less than the highs of 23,430 and 16,880 experienced during the last recession in 2009 and 2008 respectively.

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With the high employment creation, the seasonally adjusted overall unemployment rate dipped to 1.8% in December from 1.9% in September 2012. The decline in unemployment was also seen among residents from 2.8% to 2.6% and citizens from 3.0% to 2.9%.

For the whole of 2012, the annual average unemployment rate remained at a low of 2.0% for overall and 3.0% for citizens, unchanged from 2011; while the resident unemployment rate dipped to 2.8% from 2.9%.

Amid the tight labour market, the nominal income from work of Singaporeans continued to rise, though at a slower pace in 2012, reflecting the weaker economic conditions.

The median monthly income from work (including employer CPF contributions) of full-time employed citizens rose over the year by 5.8% to $3,248 in 2012, down from the growth of 6.3% in 2011. Balanced by lower inflation, [2] the real median income growth was 1.2% in 2012, compared with 1.0% in 2011.