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Retrenchments in Singapore more than doubled in 2023: MOM report Bookmark Bookmark Share WhatsApp Telegram Facebook Twitter Email LinkedIn Close Close Top Stories Singapore Asia World Commentary Sustainability Business Sport Latest News Discover CNA Insider Watch Live TV News Reports Documentaries & Shows TV Schedule Listen CNA938 Live Podcasts Radio Schedule Special Reports Singapore Parliament Mental Health Interactives Lifestyle Entertainment Women Wellness Living Style & Beauty Dining Travel Luxury Experiences Obsessions People Remarkable Living CNA Eyewitness Send us a news tip Events & Partnerships Branded Content Business Blueprint Health Matters The Asian Traveller Weather Edition: Singapore Asia Search Trending Topics CNA Explains China Malaysia Israel-Hamas war Snap Insight Ukraine invasion Wellness Billion-dollar money laundering case Follow CNA Follow our news Facebook Twitter Youtube LinkedIn RSS
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Retrenchments in Singapore more than doubled in 2023: MOM report
File photo of people crossing the street at the central business district in Singapore.(Photo: CNA/Syamil Sapari)
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Ng Hong Siang
Ng Hong Siang 31 Jan 2024 12:13PM (Updated: 31 Jan 2024 04:05PM) Bookmark Bookmark Share WhatsApp Telegram Facebook Twitter Email LinkedIn SINGAPORE: Retrenchments in Singapore in 2023 were more than double that of the year before, according to advance labour market estimates released by the Manpower Ministry (MOM) on Wednesday (Jan 31).
The number of retrenchments in 2023 was 14,320, up from 6,440 in the year before.
Fewer people were laid off in the fourth quarter (3,200) than in the third quarter (4,110), driven by a fall in retrenchments in the wholesale trade sector.
Retrenchments in Singapore fell in the fourth quarter of 2023.
(Graph: Ministry of Manpower) MOM said that the top reasons for retrenchments in 2023 were business reorganisation or restructuring, ‘”due in part to the impact of global economic headwinds on outward-oriented sectors such as wholesale trade, IT services and electronics manufacturing”.
“Statistics on re-entry into retrenchment have so far showed that the majority of retrenched workers typically re-enter within six months post-retrenchment, and often in a different sector signalling the transferability of their skillsets,” said MOM.
Related: CNA Explains: What to do if you’re retrenched Lazada did not inform the union about its layoffs.But are companies required to do so? Lazada employees question non-compete clause, clawback of shares after layoffs EMPLOYMENT Total employment, excluding migrant domestic workers, rose by 8,400 in the final quarter of the year.It was also the ninth consecutive quarter that total employment had increased.
MOM noted that the growth in total employment has moderated “significantly” for both residents and non-residents as compared to previous quarters.
“This moderation was not unexpected as weaker hiring expectations and declining job vacancies from previous quarters indicated cooling labour demand,” said MOM.
Resident employment growth was largely in domestic-oriented services such as health and social services and public administration and education.Retail trade and food and beverage services also received an employment boost, due to seasonal hiring.
“After the sharp, post-pandemic rebound in 2022, total employment growth for the full year of 2023 was moderate amidst weaker economic conditions (from 227,800 to 89,400),” said MOM.
“The more muted pace of growth was seen for both residents and non-residents,” MOM said.
Unemployment rates were unchanged in December 2023 at 2 per cent overall, while rates remained “stable and low” for the full year of 2023.
Related: Commentary: In wake of tech layoffs, culled workers are biding their time Singapore’s core inflation rises to 3.3% in December, averaged 4.2% for 2023 Singapore’s economy grew 2.8% in Q4 as manufacturing sector rebounds: Advance estimates 2024 OUTLOOK The Manpower Ministry said that its surveys indicate an improvement in business expectations, alongside the Ministry of Trade and Industry’s expectation of improved economic growth prospects for 2024.
The report also highlighted some forward-looking indicators that seemed to suggest improved numbers in employment and wage growth.
The proportion of firms with intention to either hire in the next three months or raise wages have risen, said MOM.
“Nevertheless, as downside risks in the global economy remain, business reorganisation or restructuring may lead to further retrenchments and unemployment rates may edge up,” it added..
