The largest number of retrenchments in the fourth quarter came in electronics manufacturing, wholesale trade and information and communications.
SINGAPORE: Retrenchments in Singapore more than doubled in the fourth quarter of last year from the preceding quarter, driven by business restructuring, the Ministry of Manpower said in its labour market report on Wednesday .
In total, there were 6,440 retrenchments across sectors in 2022, compared to 10,690 in 2019, before the pandemic.“Right now, we are back into a steady state and we should expect retrenchments to hover around these levels,” said Mr Ang Boon Heng, director of MOM's manpower research and statistics department.
“It encourages us because it shows the transferability of the skills of the retrenched residents to find new jobs in new sectors,” he said.Total employment, excluding migrant domestic workers, grew by 227,800, reaching 2.9 per cent above pre-COVID levels in 2019. “This increase was primarily due to the hiring of work permit holders in sectors such as construction and manufacturing as employers backfilled positions following the significant relaxation of border controls in April 2022,” MOM said.
Average unemployment rates fell last year compared with 2021. The overall rate dropped from 2.7 per cent to 2.1 per cent, the resident rate fell from 3.5 per cent to 2.9 per cent, and the citizen rate dropped from 3.7 per cent to 3 per cent.
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