Fewer layoffs, finally
Singapore's retrenchment rates show signs of declining.
The number of retrenchment in 2017 has decreased to 14,340 from 19,170 in 2016, which means Singapore labour market shows signs of recovery.
MOM released the data in the end of January.
There have been rising numbers of layoffs over past 6 years.
Although the annual average unemployment rate increased to
3.3% from 3.1% (2016), its quarterly rate during December last year
was 3%, 0.5 point down in comparison to a year earlier.
Improvements of the unemployment rate and the retrenchments have been seen in the last
quarter of the year, but there are issues yet to be solved.
MOM highlights the
mismatch of job-skills, which are necessary for positions.
Job-skills mismatch has been reported frequently and still growing due to ongoing economic restructuring.
The employment rates of Singaporeans and PR holders have doubled from the
previous year, especially in community, social personal services sector,
insurance financial sectors, transportaion and logistics sector.
The number of foreign workers declined by 32,000 people last year, especially in the
construction and the marine sector.
Decrease in the number of work permit holders directly affected.