SINGAPORE, July 29 — Retrenchments doubled and unemployment among residents rose to 3.9 per cent in the second quarter of the year from the previous quarter, advance estimates from the Ministry of Manpower (MOM) showed today, as the circuit breaker, which took place between April and June, took its toll on the economy.
Retrenchments rose by 108 per cent to 6,700 between April and June, compared with 3,220 in the first three months of the year.
The numbers have now surpassed the high during the severe acute respiratory syndrome (Sars) crisis, when there were 5,510 retrenchments.
But it remains below the peak reached during the global financial crisis of 2008, when there were 12,760 layoffs.
All three broad sectors saw a rise in retrenchments over the quarter, said MOM. In particular, retrenchments rose significantly in wholesale trade and transport equipment. This reflects a reduced demand in retail and air travel respectively, added the ministry.
Unemployment rates over the last quarter:
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