Key facts
- Singapore's retrenchment rate reached 1.3 per 1,000 employees in Q1 2024.
- 1,440 workers were laid off in Q1 2024.
- This is the highest rate since Q2 2020.
- The manufacturing sector recorded the most retrenchments.
- Wholesale trade also saw a significant increase in layoffs.
Singapore's retrenchment rate climbed to its highest level since the COVID-19 pandemic in the first quarter of 2024, with 1,440 workers laid off. The Ministry of Manpower reported that the rate rose to 1.3 per 1,000 employees, up from 1.1 in the previous quarter. This marks the highest quarterly figure since the second quarter of 2020, when the rate stood at 1.9 per 1,000 employees. The increase in job losses was observed across several sectors, with the manufacturing and wholesale trade industries experiencing the most significant rises in retrenchments.