Retrenched PMETs face median 25% wage cut
A report from Singapore's Ministry of Manpower reveals that retrenched professionals, managers, and executives (PMETs) face a median wage cut of 25% when re-entering the workforce. The data highlights that financial services workers face the most significant challenges in re-employment.
Why it matters
This highlights structural labor market challenges and the long-term financial impact of job displacement for highly skilled workers in a major financial hub.
Those in financial services have the lowest six-month re-entry rate over the last 14 quarters
[SINGAPORE] Retrenched resident professionals, managers, executives and technicians (PMETs) from financial services have frequently faced poorer re-employment outcomes, while overall, PMETs who return to work earning less see a median pay cut of around 25 per cent.
Over the last 14 quarters, financial services recorded the lowest six-month re-entry rate for retrenched resident PMETs most often, followed by wholesale trade, Acting Minister for Manpower Jasmin Lau said in Parliament on Tuesday (Oct 6).
About seven in 10 retrenched resident PMETs re-entered employment within 12 months, rising to around eight in 10 within two years. Older retrenched PMETs had lower re-entry rates at both milestones.
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