Monday, January 06, 2014

Loss of jobs due to retrenchment

In good times, about 10,000 workers are retrenched each year in Singapore, representing 0.6% of the workforce. During economic crises, the number can jump up to 20,000 or 1.2% of the workforce.

Over a working career of 40 years, about 40% of workers will be retrenched, on average. The real redundancy rate is likely to be higher, as some workers leave for another stated reason, but the real cause is likely to be retrenchment.

Report here:

1 comment:

patchh said...

Retrenchment is very real now. In 40 years of my career, I've been retrenched 2 times. There's no more such thing as job security or iron rice bowl. You've to look after yourself & don't expect the government to take care of you.

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