Chart of the Day: Layoffs up

This followed the decline in the preceding two quarters.

The Manpower Research and Statistics Department of the Ministry of Manpower reported:

Layoffs rose after declining in the preceding two quarters. 2,850 workers were made redundant in the third quarter of 2012, comprising 2,430 workers retrenched and 420 workers whose contracts were terminated prematurely.

This was one of the few higher quarterly redundancy figures reported in post-recessionary periods, though it was substantially lower than the highs of 6,000 to 12,800 per quarter registered during the last recession.

The increase in layoffs stemmed from manufacturing (from 520 in second quarter of 2012 to 1,200 in third quarter of 2012), mainly from electronics2 (130 to 830). Services laid off 1,510 workers, unchanged from the preceding quarter. Construction saw fewer layoffs (from 180 to 140).

About six in ten (59%) residents laid off in the third quarter of 2012 were aged 40 & over and slightly over three in ten were in their 30s (32%). Younger residents aged below 30 formed one in ten (9.9%) residents made redundant, substantially lower than their one in five (19%) share in the workforce.

The majority or 67% of residents made redundant were previously holding PMET jobs, higher than the PMETs’ representation in the workforce (52%). Clerical, sales & service workers and production & related workers each formed 17% of residents laid off in the third quarter this year.