SINGAPORE — Despite headline-grabbing layoff exercises by tech companies, the total number of retrenchments in 2022 was at a record low, while the proportion of retrenched workers who found new work quickly reached its highest levels since 2015.
There were 6,440 retrenchments in 2022, fewer than the 10,690 retrenchments recorded in the pre-pandemic year of 2019 and the 8,020 retrenchments in 2021, according to the Ministry of Manpower’s latest labour market report on Wednesday .
Meanwhile, the percentage of retrenched residents who found work within six months after getting laid off increased to 73.1 per cent in the fourth quarter of the year, highest since the second quarter of 2015. Resident long-term unemployment rate also improved to 0.6 per cent, lower than pre-pandemic average of 0.7 per centThe numbers doubled in the final quarter at 2,990, from 1,300 registered in the third quarter
According to MOM, the top reasons for retrenchment in 2022 was business reorganisation or restructuringNumber of job vacancies, though still elevated at 104,500, continued to decline for the third consecutive quarter in December 2022
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