Rise in layoffs in 3rd quarter: MOM
More workers were laid off in the third quarter of the year.
But the rate of re-entry into employment within six months of redundancy improved for the second consecutive quarter, according to latest figures released by the Ministry of Manpower (MOM) yesterday (Dec 15).
Some 3,500 workers lost their jobs between July and September this year, up from 2,410 in the preceding three months.
"Based on CPF records, 55 per cent of the residents made redundant in the second quarter of 2014 secured employment by September 2014, up from 53 per cent experienced by the previous cohort in June 2014," said the ministry in its report "Labour Market, Third Quarter 2014".
Job openings also slowed in the third quarter of the year.
Some 60,700 jobs were created between July and September, down 5.9 per cent from the second quarter. But the good news was that employment grew by 33,400 in the third quarter, up from 27,700 in the preceding three months.
Overall, the seasonally adjusted unemployment rate was 2 per cent in September. It has remained unchanged since March this year.
For citizens, the unemployment rate was 2.9 per cent and for residents, 2.8 per cent. Both were unchanged from June.
"Long-term unemployment improved over the year. 10,800 residents, making up 0.5 per cent of the resident labour force, were looking for work for 25 weeks or more in September 2014, down from 12,600 or 0.6 per cent a year ago," said the ministry.
Job openings continued to outnumber job seekers, added the ministry. The seasonally adjusted ratio of job vacancies to unemployed persons rose to 142 openings per 100 job seekers in September, up from 136 in June this year.