Chart of the day: Retrenchment surged in Q3 after record-low quarter

The information and communications sector saw the most increase in retrenchment rate.

This chart from the Labour Market Report Third Quarter 2022 by the Singapore Productivity Centre (SGPC) revealed that retrenchment increased to 1,120 in Q3 2022 from a record low of 830 in Q2 2022.

The chart shows that retrenchments started to fall down in Q3 2021 before reaching an all-time low in Q2. 

According to the SGPC, The increase reflects an uptick in retrenchments from Information & Communications sector which saw retrenchments increased from 110 in Q2 to 460 in Q3. On the other hand, retrenchments in different sectors including Accommodation and Construction stayed low as they maintained strong hiring this quarter.

“As the rise in retrenchments was driven by the Information & Communications sector, residents who saw an uptick in the incidence of retrenchment in 3Q 2022 matched the typical profile of resident employees in the sector – they are the PMETs, degree holders, and younger aged below 40,” the report said.