Despite this, the ministry has said that the total number of retrenchments in 2022 (6,440) remained low compared to pre-pandemic years
, in its latest labour market report. It added that the percentage of retrenched residents who found employment six months after they were retrenched increased to 73.1 per cent in Q4 2022, the highest since 2015.
Total employment registered a record-high increase of 227,800 in 2022, bringing total employment to 2.9% above the pre-pandemic 2019 level. Resident employment continued its steady growth, increasing by 26,300 in 2022. The increase was mostly in outward-oriented sectors such as Financial Services and Information & Communications. By December 2022, the resident employment level has surpassed 2019’s level by 4.8%.
Annual average unemployment rates improved further in 2022 compared to 2021 and are below pre-pandemic levels. The resident long-term unemployment rate improved to 0.6%, below the pre-pandemic average of 0.7%.
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