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Most firms pay retrenchment benefits to eligible employees: MOM report
NINE in 10 establishments continued to pay retrenchment benefits to eligible employees, a statement by Ministry of Manpower said on Thursday.
It was based on key findings from the Retrenchment Benefits 2015 report released by its Manpower Research and Statistics Department.
The proportion of small establishments with 10 to 24 employees which paid retrenchment benefits was comparable to those with 25 to 199 employees.
The majority of establishments continued to pay one month of salary per year of service, although more were giving out lump sum payments.
A total of 15,580 workers were laid off in 2015 compared with 12,930 in 2014 amid softer economic conditions and ongoing business restructuring.