SINGAPORE: More people in Singapore were retrenched in the third quarter of 2023 while the number of job vacancies continued to fall.
According to the Ministry of Manpower’s (MOM) latest labour market report on Thursday (Dec 14), retrenchments rose from 3,200 in the second quarter to 4,110 in the third quarter.
The number of job vacancies fell from 87,900 in June to 78,400 in September, reflecting cooling labour demand.
MOM said that despite the weaker economic outlook, the labour market expanded in the third quarter.
RETRENCHMENTS
The increase in retrenchments was driven by job losses in the wholesale trade sector, which saw 1,270 retrenchments in the third quarter, up from 480 in the previous quarter.
“The number of retrenchments in other remaining sectors remained broadly stable,” said the ministry.
About 61.9 per cent of the retrenchments were primarily due to reorganisation and restructuring. More firms in the third quarter indicated business and cost concerns as reasons for retrenchments.
The percentage of retrenched residents – Singaporeans and permanent residents – who managed to find a new job within six months rose to 65.3 per cent in the third quarter, up from 59.4 per cent in the previous quarter.