Despite a resilient labour market, retrenchments in Singapore rose in the third quarter of 2023, from 3,200 to 4,100. This increase was mainly due to the wholesale trade sector, which is exposed to weaker external economic conditions.
However, unemployment rates remained low, with an overall rate of 2% in September. This suggests that most retrenched workers have been able to find new employment quickly.
The Ministry of Manpower (MOM) encouraged both employers and employees to take full advantage of available programmes to enhance competitiveness and resilience amidst economic uncertainty.
