The number of staff being retrenched in the manufacturing and service industries are expected to worsen. As the air transport industry and the arts, entertainment and leisure industries continue to be affected by the coronavirus epidemic and safety measures, the retrenched employees are expected to mainly come from these industries.
The COVID-19 epidemic continues to affect the economy and the number of local retrenchments in the third quarter of this year is expected to increase further, but the numbers pertaining to the employment has slowed down.
The Ministry of Manpower released a report on labor market estimates for the third quarter yesterday. It is estimated that 9,100 people will be laid off, which is more than 8,130 in the second quarter, and the number has exceeded the peak of the Asian financial crisis, the Internet bubble and the SARS.
During the global financial crisis, the number of layoffs in the first quarter of 2009 soared to 12,760.
In terms of employment, the number of foreigners employed has decreased significantly, especially in the construction and manufacturing industries. The total employment excluding maids is expected to shrink by 26,900 in the third quarter. However, due to the rebound in the number of local residents, the shrinking rate is slower than the 103,800 in the second quarter.
As the government vigorously promotes job matching, the number of local residents employed in the third quarter of this year has almost returned to the level before the COVID-19 pandemic.
According to the Ministry of Manpower, it is estimated that 2.34 million Singaporean citizens and permanent residents have jobs in September this year, 50,000 more than in June and close to the 2.36 million in December last year.
Construction and manufacturing are the two major industries where the number of employment has decreased, and the decrease is mainly due to foreigners. Industries that have increased employment include community, social and personal services, such as healthcare and public services, as well as catering.