Recovery in labour market in 2017 sees fewer layoffs; lower unemployment towards year-end

Singapore

AFTER six years of rising layoffs, there was some relief for workers last year as retrenchments dipped.

There were 14,340 retrenchments last year, down from 19,170 in 2016, with improvements coming from the manufacturing and service sectors, according to preliminary full-year data released by the Ministry of Manpower (MOM) on Friday.

The unemployment situation also improved over the second half of the year as economic conditions brightened, though the unemployment rate for the whole year was still higher on average than in the year before. The annual average unemployment rate for 2017 for Singaporeans was 3.3 per cent, higher than the average of 3.1 per cent in 2016. Overall, the rate was 2.2 per cent, higher than th…