Singapore Q1 Layoffs Rise to 3,830 as Firms Restructure Amid Economic Uncertainty
Updated
Updated · Bloomberg · Jun 15
Singapore Q1 Layoffs Rise to 3,830 as Firms Restructure Amid Economic Uncertainty
3 articles · Updated · Bloomberg · Jun 15
Summary
3,830 workers were laid off in Singapore in January-March, up from 3,690 in the previous quarter and the highest quarterly total since Q3 2023.
The increase came as firms kept reorganizing their businesses against a more uncertain economic backdrop, the Ministry of Manpower said Monday.
That rise in retrenchments adds to signs of a softer labor market after total employment growth slowed to 9,400 in Q1 and job vacancies fell to 73,300 in March.
Manufacturing and other external-oriented sectors were among the areas under pressure, pointing to broader caution among employers as Singapore's economy faces weaker conditions.