Retrenchments in Singapore rose in the third quarter of 2023 given the weaker economic outlook but this comes alongside labour market expansion and an increase in total employment.
on Thursday , a total of 4,100 people were retrenched in the third quarter of 2023, as compared to 3,200 in the previous quarter.However, total employment has gone up for the eighth consecutive quarter to 24,000, comparable to the previous quarter.
And while the labour market continued to expand, the pace of employment growth has slowed compared to a year ago, amid the global economic slowdown and with business expectations worsening in Q3. Firms intending to raise wages have similarly fallen from 28 per cent to 18 per cent, said the ministry.
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