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SINGAPORE PMETs (Professionals, Managers, Executives and Technicians) make up the majority of those laid off last year.
As the economy continues to mature, we can expect more white-collar jobs to be created and lost due to attrition.
According to Ministry of Manpower (MOM) annual report, 54% who were made redundant last year were PMETs.
PMETs faced competition from the "growing supply of tertiary graduates"
As companies try to manage their business costs, they would lay off older PMETs and hire younger ones who usually command lower salaries.
Entry-level PMETs pay have been stagnant in recent years.
PMETs laid off based on age groups:
In their 20s - 10%
30s - 35%
40s - 38%
50s+ - 17%
Removing one 40-year old is the same as removing 2-3 younger people
Economists: "Simply having a white-collar job, does not mean it is secure. In terms of job creation, the overall picture was not rosy.
This has already happened in North America and Europe decades ago. It is now strongly evident in developed Asian countries. Don't expect this trend to be reversed. Jobs always flow to cheaper countries - even highly skilled jobs.
PMETS - ALTERNATE CAREER OPPORTUNITIES once you've passed 30 years of age.
1. Sales
2. Tutors
3. Taxi Drivers
4. Security Guards
5. Part-time / Contract work
6. Start Your Own Business
7. F&B Service Industry (eg MacDonalds)
8. Look for a similar job with more stress and long hours with reduced pay
Do you have a second stream of income should YOU be Retrenched?
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