Photo by Namcha ph on Unsplash

Retrenchments soar to 14,320 in 2023 

Business re-organisation or restructuring remained the top reason for retrenchments last year.

With many businesses restructuring and re-organising their organisations, retrenchments in Singapore rose to 14,320 in 2023 from a record-low of 6,440 in 2022. 

According to the Ministry of Manpower (MoM),  the Wholesale Trade, IT Services, and Electronics Manufacturing sectors contributed the most to the increase in the retrenchment figure in 2023. Retrenchment in the sector rose from 480 to 1,270.

The MOM, however, underscored that many retrenched workers typically re-enter employment within six months post-retrenchment, and often in a different sector.

Looking at 4Q23 alone, retrenchments fell to 3,200, driven by a fall in Wholesale Trade.

Meanwhile, unemployment rates remained stable in 2023 at 1.9%. Resident and citizen unemployment rates were 2.7% and 2.9%, respectively. Total employment in 2023 also had a moderate growth.

Follow the links 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!