At the same time, unemployment rates remained largely stable at 2.0% as at September despite the slight increase in July. Of the total rate, the unemployment rate for Singapore residents were at 2.8% while citizens stood at 3.0%. The lower rates also suggest that most of the workers who were retrenched were able to find new employment quickly, notes the MOM.
Retrenchments in Singapore rose to 4,100 in 3Q2023 from 3,200 in the corresponding quarter the year before. The majority of the increase came from the wholesale trade sector, which reflects the weaker external outlook faced by the sector, says the Ministry of Manpower (MOM) in an Oct 26 statement.
The number of retrenchments in the rest of the sectors remained broadly stable or declined y-o-y. Meanwhile, business reorganisations and restructuring remained the top reasons behind the retrenchments during the quarter.
