Latest News

S’pore Had 14,320 Retrenchments In 2023, More Than Double The Figure In 2022

Singapore Saw Double The Number Of Retrenchments In 2023 Compared To 2022

Singapore saw double the amount of retrenchments in 2023 compared to 2022, from a record-low of 6,440 in 2022 to 14,320 last year, according to the Ministry of Manpower (MOM).

MOM noted business restructuring and reorganisation as the “top reason” for retrenchments in 2023.

However, retrenchments fell between Q3 and Q4 of last year.

Overall, MOM said advance estimates showed retrenchments eased in Q4 2023.

Retrenchments doubled from 2022 to 2023

There were 14,320 retrenchments in 2023, the highest its been since 2020 when there were 26,110 retrenchments.

“Business reorganisation or restructuring remained the top reason for retrenchments in 2023, due in part to the impact of global economic headwinds on outward-oriented sectors such as Wholesale Trade, IT Services and Electronics Manufacturing,” MOM said.

2022 was very much an anomaly for retrenchment statistics as it saw a low of 6,440.

Retrenchments may continue

So far, statistics from MOM show that the majority of retrenched workers typically re-enter the workforce within six months post-retrenchment.

They also often enter a different sector, which shows the transferability of their skillsets.

Despite an improvement in business expectations based on MOM surveys as well as MTI indicating improved economic growth prospects in 2024, retrenchments may continue.

 

“… As downside risks in the global economy remain, business reorganisation or restructuring will continue and may lead to further retrenchments,” MOM said.

That said, more employers are looking to hire — the number grew to 47.7% in Q4 2023 from 42.8% in the previous quarter.

Employment grew again in Q4 2023

MOM said total employment grew for the ninth consecutive quarter.

But compared to previous quarters, growth was “moderated significantly” overall.

MOM explained that this was “not unexpected as weaker hiring expectations and declining job vacancies from previous quarters indicated cooling labour demand.”

Growth was “moderate” across the full year of 2023 after the post-pandemic rebound in 2022.

Also read: Foodpanda Reportedly Lays Off Staff Across Asia-Pacific 1 Year After Retrenching S’pore Employees

Have news you must share? Get in touch with us via email at news@mustsharenews.com.

Featured image by MS News.

Jonathan Yee

Jonathan is a bedroom headbanger. His Kobo is never far from him.

Recent Posts

4 winners split S$13M TOTO jackpot on 14 Nov, 1 winning ticket bought from Tong Aik Huat again

Tong Aik Huat also sold a winning ticket for the 21 Oct draw.

15 Nov 2024, 1:39 am

Online model seller in Japan scammed by buyer who returned different kit with pieces cut out

The seller was soured by the experience with Mercari, saying the platform only provided compensation…

14 Nov 2024, 6:57 pm

Woman in Indonesia steals formula milk by placing them between thighs

The woman walked away naturally despite the boxes between her thighs.

14 Nov 2024, 6:20 pm

Leopard in Thailand caught wriggling on zoo visitor’s pickup truck, netizens joke driver should bring it home

The leopard reportedly jumped off the truck once it saw zoo staff approaching.

14 Nov 2024, 5:53 pm

Motorist in M’sia crushed to death after container falls from trailer, lorry driver arrested

The trailer driver made a V sign for the media while being escorted to the…

14 Nov 2024, 5:42 pm