70% of laid off employees in Q3 were PMETs

They mostly came from the wholesale trade and financial services sector.

Despite unchanged levels of unemployment rate, there were a total of 3,400 laid off employees this year with more than a half (70%) from the professionals, managers, executives and technicians (PMETs) sector, according to the Ministry of Manpower Q3 Labour Market Report.

Of those, 14% were from wholesale trade and 13% for financial services.

Overall, retrenchment levels fell 24% YoY this year partially due to increased hiring levels in the manufacturing sector (from 840 to 730).

Cumulatively, a total of 11,040 were laid off in the first three quarters of the year, lower by a fourth (24.37%) than last year.

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