SEVEN in 10 Singaporeans retrenched in the third quarter of 2008 were re-employed by December, possibly reflecting more realistic expectations given the weak job market outlook.
The number who got a job again after being laid off was higher than the 62 per cent in the previous cohort in September.
The rise was generally felt across the board, with the major exception of degree holders whose re-employment rate fell from 68 per cent to 62 per cent.
Among locals retrenched in the first nine months and re-employed by the end of the year, 56 per cent secured employment in the same industry from which they were shed. This was slightly lower than the 58 per cent a year ago.
This was the thin silver lining amid the worst recession Singapore is facing. During the year, redundancies nearly doubled as the economy deteriorated rapidly.
This was especially felt in the fourth quarter when layoffs surged to a record quarterly high of 9,410, nearly triple the 3,180 laid off in the preceding quarter.
For the whole of 2008, redundancies hit 16,880 workers, comprising 13,920 workers retrenched and 2,970 workers whose contracts were terminated prematurely, according to a report released by the Ministry of Manpower's Research and Statistics Department on Friday.
This translated to 11 workers made redundant for every 1,000 employees, nearly double the 6 per 1,000 in 2007.
Nevertheless, redundancies in 2008 remained below the highs hit in 1998 during the Asian financial crisis when 32,800 workers, or 33 per 1,000, were laid off, and in the 2001 economic downturn, which saw 27,570 workers or 26 per 1,000 lost their jobs.
The workers who were made redundant last year were from across all three broad occupational groups. But more professionals, managers, executives and technicians (PMETs) were laid off - from 31 per cent in 2007 to 37 per cent in 2008, while the share of production and related workers displaced fell from 56 per cent to 52 per cent and clerical, sales and service workers from 13 per cent to 11 per cent.
Production and related workers were the hardest hit, with 14 workers made redundant per 1,000, followed by PMETs at 9.9 per 1,000 and clerical, sales and service workers at 5.5 per 1,000 in 2008
The report said overall, the share of locals and foreigners laid off broadly reflected their representation in the workforce.
'Re-employment of locals retrenched improved in December 2008 from a quarter ago, possibly reflecting more realistic expectations among jobseekers given the weak job market outlook,' it noted.
- The Straits Times
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