The number of retrenchments rose by a staggering 30% to 3,030, as compared to 2,320 in the previous quarter. According to MOM, the top reasons for retrenchment are business restructuring and reorganisation. For retrenched residents, the six-month re-entry rate was 64.3%.
Netizen Shaolin Fs believed that the actual figure was much higher: “I know friends who are asked to rein as their project was cancelled by the client. The company didn’t offer some compensation but as it is [classified as a] resignation; it will not contribute to retrenchment figures”
Overall, the seasonally adjusted unemployment rate for residents rose slightly by 0.1% to 2.1% in Q2 2018. Correspondingly, the long-term unemployment rate edged up from 0.7% in March to 0.8% in June.
As of June, there were 67,300 residents and 59,800 citizens unemployed.
