SINGAPORE — Retrenchments in Singapore rose for the third consecutive quarter though unemployment rates remained low amid robust hiring demand.
According to advance labour market estimates released by the Ministry of Manpower on Friday , the number of retrenchments continued to grow, hitting 4,000 in the first quarter of 2023 and up from 1,300 and 2,900 in the previous two quarters.
“Nonetheless, hiring sentiments remained buoyant, with a majority of polled firms indicating their intention to increase headcount in the next three months,” the ministry added.Despite the uptick in retrenchments, the overall unemployment rate remained low in March 2023, at 1.8 per cent. Resident and citizen unemployment were at 2.5 per cent and 2.7 per cent respectively.“The share of citizens among unemployed residents is comparable with that of the labour force,” MOM said.
Most of the employment growth in the first quarter of the year came from non-residents, primarily those in the construction industry. The Ministry of Trade and Industry’s advance Gross Domestic Product estimates released earlier this month showed that global headwinds contributed to a slowdown in Singapore’s economy, MOM said.
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