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The Ministry of Manpower (MOM) has released the key findings of
its report Research and re-employment, 2008 which shows
tertiary-educated Singaporeans were one of the most vulnerable
groups of the global financial crisis in 2008.
Unlike the previous downturns when the less-educated were the
most vulnerable, mature residents with tertiary education faced
during 2008 an above-average risk of retrenchment and below-average
opportunity of re-employment.
During this time 16,880 workers were retrenched or had their
contracts terminated prematurely, which is more than double that of
the previous year. Most of these redundancies were recorded in the
fourth quarter with 9410 workers being laid off compared to 3180
laid off in the preceding quarter.
Although seven in 10 locals retrenched in the third quarter of
2008 were re-employed by December 2008, those with degrees found it
particularly difficult to gain re-employment.
The number of redundancies recorded in 2008 falls short of the
number recorded in 1998 during the Asian financial crisis (32,800)
and in the 2001 economic downturn (27,570).
For further information read Redundancies and re-employment,
2008 on the MOM website.
Page last updated: Monday, 4 May 2009