Singapore's job cuts fell in 2024, but employment growth slowed due to business restructuring.

In 2024, Singapore saw fewer job cuts and slower employment growth compared to 2023, with retrenchments down to 12,930 from 14,590 the previous year. Employment growth slowed to 45,500, a decrease from 78,800 in 2023. Business restructuring was the main cause of layoffs. Despite a slight increase in the unemployment rate to 2%, the Ministry of Manpower (MOM) anticipates continued growth as the economy improves, with more firms planning to hire and raise wages.

2 months ago
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