The number of layoffs during 2008 is the highest since 2003 and is double the figure for 2007. And the proportion of 4 out of 10 laid off are foreigners is a 10-year high ratio as reported in Straits Times. And this explained why Oct 2008, Malaysia Minister says "Prepare to lose jobs in Singapore" .
Fact:
- A total of 16,880 workers lost their jobs during 2008.
- Of these, 13,920 were retrenched (4,140 were foreigners).
- Another 2,970 had their contracts terminated prematurely (2,380 were foreigners).
Why foreigners?
'A lot of foreigners are employed in lower-skilled service industries which slowed down in the later part of last year, so they have been affected,' said Nanyang Technological University economist Choy Keen Meng.
History:
- 32,800 were retrenced during 1998
- 27,570 were retrenced during 2001
Guess this may explained why the housing price is not dropping fast as compared with previous down turn. And check out the lastest Singapore Jobless rate of 4.8% - which is going to worsen.
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14 years ago
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