SINGAPORE — Retrenchments in Singapore rose in the third quarter of 2023 after declining in the previous quarter, though the labour market expanded despite the weaker economic outlook.
According to advance labour market estimates released by the Ministry of Manpower on Thursday , total employment grew for the eighth consecutive quarter, with increases for both residents and non-residents.“This suggests that retrenched workers have been able to find new employment quickly,” the ministry said.
According to MOM, employment growth came from both residents and non-residents, with resident employment expanding in growth sectors like financial services and professional services — which generally had higher-paying jobs — as well as in health and social services. The ministry cautioned that while the labour market has continued to expand, the pace of unemployment growth has slowed compared to a year ago, amid the global economic slowdown.
The ministry also said that while unemployment rates remained low due to continued labour market tightness, they “have been on a slow uptrend, and may continue to rise further”.
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