Retrenchments

While unemployment rates have been falling steadily, they are still “elevated compared to pre-Covid-19 levels,” says MOM.

Does 3Q2020 mark the bottom of contraction in unemployment and retrenchments in Singapore?

Softness in the labour market is likely to persist with continued weakness in hiring and pressure on companies to retrench: MOM

Singapore’s labour market is reeling from the effects of the Covid-19 health-turned-economic crisis, as total employment plummeted by 121,800 in June 2020. This more than four times the 25,600 contraction registered in March, according to preliminary nu

HSBC is resuming a massive redundancy plan it had put on ice after the coronavirus outbreak, and will cut 35,000 jobs over the medium term, a memo seen by Reuters on Wednesday showed.

The decline in Singapore’s total employment is the sharpest contraction since the 2003 SARS pandemic

MOM expects the wage support measures announced under the three Budgets this year to cushion the extent of job losses.

In a Tuesday report, DBS Group Research analyst says companies in sectors other than travel and tourism with a relatively high employee count stand to benefit the most from wage subsidies.

(Oct 21): UBS Group AG is cutting about 40 jobs in Asia Pacific as part of a global push to trim costs and combine its trading units, according to a person familiar with the matter.

SINGAPORE (Mar 14): Professionals, managers, executives and technicians (PMETs) accounted for a staggering 79.3% of retrenched residents in 4Q18, according to a labour market report released by the Ministry of Manpower (MOM) on Thursday.