Chart of the Day: Singapore redundancies count edging close to financial crisis levels

15,580 workers were laid off last year.

Don’t look now, but the city-state’s workers are being laid off at financial crises rates, as business restructurings are aggravated by the soft economy.

According to a report by OCBC, manufacturing (offshore and marine, construction) and services (legal and accounting services, financial and insurance services) sectors most adversely affected.

OCBC added that PMETs who are tertiary educated, in their 30s and 40s are most at risk.

“Figures also show that it is becoming more difficult for retrenched workers to re-enter the workforce. 66% of residents made redundant in the first nine months of 2015 secured employment by December 2015, a decline from comparable figure in 2014,” OCBC said.

Meanwhile, OCBC said 70% of the laid-off workers found jobs in a different sector, suggesting that they were able to re-enter the workforce. However, the wages they receive is significantly lower.

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