Photo by Justin Lim from Unsplash

Retrenchments rise to 4,100 in 3Q 

Despite the increase, unemployment rates remained low at 2.0%.

The latest Labour Market Report revealed that 4,100 employees were retrenched in 3Q23, up from 3,200 from the previous quarter. 

The increase was due to the weaker external outlook from the wholesale trade sector. Business restructuring also remained the top reason for retrenchments in 3Q23.

Despite an increase in retrenchments, unemployment rates remained stable and low in September 2023 with an overall average percentage of 2.0%. 

In the same quarter, total employment expanded by 24,000, marking the 8th consecutive quarter of increase. The growth came from residents and non-resident employees.

Resident employment growth was felt in the financial and professional services and health and social services sectors. Meanwhile, non-resident employment growth was felt in the construction, retail, food, and administrative and support services sectors.

Despite the expansion in the labour market, the employment growth pace has slowed compared to last year. Business expectations also dropped in September 2023. 

Firms with intentions to hire dropped to 42.8% from 58.2%. In addition, firms that intend to raise wages dropped from 28.0% to 10.0%.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


UOB deploys AI tools to level up employees’ productivity
The bank with the largest consumer footprint in ASEAN leads the way in adopting Microsoft’s Copilot for more collaborative and productive banking.
Italy brings its strong suits to Singapore’s fintech expo
Italian trade executive says 9 firms at the Singapore Fintech Festival 2023 exemplify the diverse range of products and expertise Italy can bring to the table.
Trust Bank sets the bar for digital banking in Asia Pacific
The digital bank targets to be Singapore's fourth largest retail bank, CEO Dwaipayan Sadhu said.