Singapore’s retrenchments grow in Q4, but job vacancies also rise

[SINGAPORE] In the final quarter of 2024, retrenchments picked up, but so did job vacancies, the Ministry of Manpower’s (MOM) labour market report on Wednesday (Mar 19) showed.

Meanwhile, resident employment rose in both the fourth quarter and for the full year – a turnaround from 2023’s decline.

Retrenchments rose to 3,680 in Q4 from 3,050 in the third quarter, due mainly to the financial and insurance services sector – with 620 retrenchments, up from 270 – as more firms cut headcount on account of high costs.