A total of 4,100 people were retrenched in the third quarter of 2023, as compared to 3,200 in the previous quarter, says the Manpower Ministry (MOM).
As some firms have made multiple rounds of job cuts in less than three years, incidence of retrenchments among youths are also going up. According to advance labour market estimates released by
The retrenchments reflect the “weaker external outlook the sector faced”, MOM said, noting that the number of retrenchments in other sectors “remained broadly stable or declined”.Total employment excluding migrant domestic workers rose for the eighth straight quarter by 24,000 in the third quarter of the year, which the ministry said was “comparable to the previous quarter”.
Meanwhile, non-resident employment expanded in sectors such as construction, retail trade, food and beverage services, and administrative and support services.Unemployment rates have been “largely stable and remained low” in September despite the slight increase in July, MOM said. “Business expectations worsened in September 2023,” it said. “The proportion of firms which indicated an intention to hire in the next three months fell from 58.2 per cent to 42.8 per cent.
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