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Retrenchments in Singapore Double Since 2022, Hit Highest Quarterly Level Since 2020

Retrenchments in Singapore have doubled since 2022, while the retrenchment rate in Q3 this year is the highest quarterly since 2020.

In Q3 this year, 4100 persons were retrenched, topping the retrenchment rate of the Q4 2020 Covid-19 pandemic period.

This brings the 2023 retrenchment figure to 11,120, which is close to twice of the 6440 recorded in the whole of 2022.

At the same time, total employment, not including migrant domestic workers, grew by 24,000 in Q3,

The Manpower Ministry did not disclose the breakdown of whether the bulk of this growth came from residents or non-residents.

The citizen unemployment increased to 3 percent, while overall unemployment stayed at 2 percent.

Resident unemployment came in at 2.8 per cent.

The Manpower Ministry says that the majority of the increase in Q3 came from wholesale trade, reflecting the sector’s weaker external outlook.

“Business restructuring” remains the top reason for retrenchments in the quarter.

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