An electronic semiconductor company is going to retrench 150 Engineers (and level above) together with 350 operators. According to the source, everyone is panic as the name list is not out yet, very likely to be annouced within this week. It is also not know if the plant will have further shut down.
In earlier CNA news says that Singapore’s unemployment rate in the last quarter of 2008 rose to a seasonally adjusted 2.6 per cent, up from 2.2 per cent in the third quarter on rising retrenchments with slowing employment growth and a weaker economy. According to official data from the Ministry of Manpower (MOM) released Friday, about 73,100 Singapore residents were jobless in December, a steep 58 per cent jump year-on-year. For the whole of 2008, the overall unemployment rate averaged 2.3 per cent (62,900 residents), up from a year ago which was 2.1 per cent (56,700 residents). This is the first time the annual average unemployment rate has increased since 2003, when it peaked at 4.0 per cent.
Acting Manpower Minister Gan Kim Yong has said the unemployment rate due to the current recession in Singapore could reach the levels recorded during the Asian financial crisis in 1998 and the economic downturn in 2001.
Another related layoff in semiconductor firm is Chartered Semiconductor announces Q4 loss, cuts 540 jobs in Singapore.
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14 years ago
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