With global headwinds persisting, the Ministry of Manpower expects business restructuring and reorganisation to continue, which may contribute to further retrenchments.SINGAPORE: Nearly a third of employers in Singapore plan to increase wages in the first quarter of 2024, said the Ministry of Manpower in its latest labour market report on Thursday .
However, with global headwinds persisting, it also expects business restructuring and reorganisation to continue, which may contribute to further retrenchments.According to the latest labour market report, retrenchments in Singapore in 2023 were more than double that of the year before – from a record low of 6,440 in 2022 to 14,590 in 2023.
Similar to previous years, resident workers formed the majority of retrenchments in 2023. Out of 14,590 retrenched workers, 9,990 were residents, or 68.5 per cent. About 67.2 per cent of retrenched residents re-entered employment in a different industry, higher than 65.1 per cent in 2022. The electronics manufacturing sector saw the highest incidence of retrenchment last year, at 27.5 per 1,000 employees, followed by the information and communications sector at a rate of 24.9 per 1,000 workers.