Singapore’s retrenchments last quarter climbed to the highest since the pandemic, as some overseas-facing industries restructured. This marks a significant uptick in job cuts, reflecting ongoing challenges in sectors exposed to global demand fluctuations.

The rise in layoffs underscores the uneven nature of Singapore’s economic recovery. While domestic-focused industries have shown resilience, export-oriented sectors such as manufacturing and wholesale trade face headwinds from slowing global growth and supply chain shifts.

Manpower Ministry data indicates the increase is concentrated in specific industries rather than broad-based. Authorities emphasize that overall unemployment remains low, but warn of persistent structural changes requiring workforce upskilling.

Economists suggest the trend may continue in the near term as companies adjust to higher interest rates and geopolitical uncertainties. The government’s support measures, including the Jobs Growth Incentive, aim to mitigate impacts on affected workers.