Retrenchments jump by 35pc in Q3, largely due to layoffs in tech sector, says Singapore's Manpower Ministry
Office workers walking in the Central Business District of Singapore. ― TODAY pic
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Friday, 16 Dec 2022 8:37 AM MYT
SINGAPORE, Dec 16 — More workers were laid off in the third quarter of this year compared to the previous three months, and fewer retrenched workers found another job within six months.
The latest manpower data also showed that the lay-offs were fuelled largely by tech firms, even as vacancies in the sector remained high — a sign that the retrenchments may be a result of restructuring within the firms.
These were the key trends from the Labour Market Report released yesterday (December 15) by the Ministry of Manpower (MOM), which showed layoffs jumping nearly 35 per cent — from a record low of 830 in the previous quarter to 1,120 in the third.