Retrenchments soar to 14,320 in 2023
Business re-organisation or restructuring remained the top reason for retrenchments last year.
With many businesses restructuring and re-organising their organisations, retrenchments in Singapore rose to 14,320 in 2023 from a record-low of 6,440 in 2022.
According to the Ministry of Manpower (MoM), the Wholesale Trade, IT Services, and Electronics Manufacturing sectors contributed the most to the increase in the retrenchment figure in 2023. Retrenchment in the sector rose from 480 to 1,270.
The MOM, however, underscored that many retrenched workers typically re-enter employment within six months post-retrenchment, and often in a different sector.
Looking at 4Q23 alone, retrenchments fell to 3,200, driven by a fall in Wholesale Trade.
Meanwhile, unemployment rates remained stable in 2023 at 1.9%. Resident and citizen unemployment rates were 2.7% and 2.9%, respectively. Total employment in 2023 also had a moderate growth.
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