Layoffs spike in 4Q15 to 4,200 amidst business restructuring

It’s been on an uptrend for five years.

Redundancies rose amidst business restructuring in 4Q15, according to a report by the Ministry of Manpower (MOM). There were 4,200 workers laid off during the quarter, which is higher than 4Q14’s 3,910.

Redundancies climbed to 14,400 in the whole of 2015, continuing an uptrend since 2010. MOM asserted that this growth in layoffs stemmed from manufacturing services.

Meanwhile, nominal median monthly income of full-time employed citizens (including employer CPF contributions) climbed 6.5% over the year to $3,798 in June 2015, or 7% in real terms.

MOM also noted that there was a sustained rise in income at the median and 20th percentile over the last five years. The average salary of full-time employed citizens, including CPF contributions, jumped 32% or 5.6% per annum in nominal terms from 2010 to 2015. After adjusting for inflation, this translates to a leap of 16%.

With ongoing initiatives bolstering low-wage workers’ income, salary at the 20th percentile of full-time employed citizens of full-time employed citizens soared by 31% (5.5% pa) in nominal terms, or 16% (2.9%) in real terms.

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