In
Singapore, redundancy has increased by 10% from 2011 to 2012, despite
an increase in overall employment over 2012. However, this is no call
for concern, as it is still at the low end of the rage. Also, re-entry
into employment declined slightly after rising in 2011 but this remain
above recessionary levels still, as the Ministry of Manpower’s (MOM)
“Redundancy and Re-Entry into Employment, 2012” report found.Redundancy increased to 11,010 workers in 2012 from 9,990 in 2011, which meant 5.8 workers were affected per 1,000 employees, a slight increase from 5.5 workers in 2011. This was still at the lower end of the range for non-recessionary years, as compared to the recessionary highs of 11 and 14 workers per 1,000 employees in 2008 and 2009 respectively.
The group most affected by redundancy would be the Professionals, managers, executives & technicians (PMETs), with 7.4 made redundant for every 1,000 PMETs in 2012. PMETs form the slight majority of workers laid off, at about 54% of 5,960 laid-off workers in 2012.
Top reasons for redundancy include restructuring of business process for greater efficiency (37%), poor business or business failure not due to recession (23%), reorganisation of businesses (21%), high operating costs (21%) and labour cost (20%), and downturn in the industry (16%).
After rising in 2011, the rate of re-entry into employment declined slightly in 2012, but remained above recessionary levels. Zooming into PMETs, their below-average re-entry rate (63%) could be due to competition from the increasing supply of tertiary graduates. Also, some PMETs could also have savings and prefer to spend more time to look for jobs that match their skill sets, qualifications and salary expectations.
BISHWA SRIVASTAVA
PGDM 2ND SEM
IIMT COLLEGE OF MANAGEMENT
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