Retrenchments rise to 4,110 in 3Q23

The Ministry of Manpower attributed the majority of the increase to the Wholesale Trade sector. 

With many businesses restructuring and reorganising their organisations, retrenchments in Singapore rose to 4,110 in 3Q23 from 3,200 in 2Q23. 

Apart from the reorganisation or restructuring, some firms indicated business and cost concerns as reasons for retrenchments.

According to the Ministry of Manpower (MoM),  the Wholesale Trade sector contributed the most to the increase in the retrenchment figure in 3Q23. Retrenchment in the sector rose from 480 to 1,270.

On the flip side, re-entry into employment amongst retrenched residents improved from 59.4% in 2Q23 to 65.3% in 3Q23 and unemployment rates stayed low.

Overall unemployment rate came in at 1.9%, whilst resident and citizen unemployment for 3Q23 was 2.7% and 2.9%, respectively.

On the flip side, the resident long-term unemployment rate rose from 0.5% in June to 0.7% in September, comparable to the pre-COVID average rate.

Meanwhile, 3Q23 also marked the eighth consecutive quarter of increase in total employment, excluding  Migrant Domestic Workers. 

During the quarter, total employment expanded by 23,600, with increases in resident (+2,800) and non-resident (+20,800) employment.