Retrenched PMETs who return on lower pay see median 25% wage cut
Those in financial services have the lowest six-month re-entry rate over the last 14 quarters
Retrenched resident professionals, managers, executives and technicians (PMETs) from the financial services sector have frequently encountered poorer re-employment outcomes, with overall PMETs who return to work earning less experiencing a median pay cut of around 25 percent. Over the past 14 quarters, the six-month re-entry rate for retrenched PMETs in financial services was consistently the lowest, followed by those in wholesale trade.
Acting Minister for Manpower Jasmin Lau informed Parliament on October 6 that about seven out of 10 retrenched PMETs found employment within a year, rising to around eight out of 10 within two years. However, older retrenched PMETs had lower re-entry rates at both milestones.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
