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Layoffs up in Q3, employment growth rates hold steady: MOM (Amended)

Friday, October 31, 2014 - 11:14
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The number of retrenchments in Singapore went up in the third quarter of 2014 to 3,400, a sign of the ongoing effects of business restructuring.

THE number of redundancies in Singapore went up in the third quarter of 2014 to 3,400, a sign of the ongoing effects of business restructuring.

This figure is higher than the 2,410 workers affected in the second quarter, and the 2,710 laid off in the third quarter of 2013, the Manpower Ministry said in its latest employment situation report on Friday.

According to preliminary estimates, the overall seasonally-adjusted unemployment rates dipped slightly to 1.9 per cent in September, from 2 per cent in June. The rates for residents and citizens were unchanged over the quarter at 2.8 per cent and 2.9 per cent respectively.

Employment growth in the third quarter of 2014 was 27,100, comparable to 27,700 in the previous quarter but lower than the 33,100 figure a year ago. This brought total employment to 3,577,000 in September - 3.6 per cent higher than a year ago but lower than the 3.8 per cent in June 2014.

An earlier version of this article stated that the number of retrenchments in Singapore went up. The Ministry of Manpower has clarified that this should be redundancies, as this includes retrenchments and contract workers who are released early. The article above has been revised to reflect this.

 

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