Layoffs in Singapore fall for second straight quarter

Total employment growth cools but MOM polls signal stronger hiring demand ahead

- Tay Hong Yi

Retrenchments in Singapore fell for the second straight quarter while the hiring outlook improved, according to preliminary firstquarter labour market data released by the Ministry of Manpower (MOM) on April 30.

The data also showed that total employment grew by 4,900 in the January to March quarter, down from 7,500 in the previous quarter.

The growth came wholly from Singaporeans and permanent residents (PRS).

At the same time, non-resident employment contracted for the first time since the third quarter of 2021 due to cooling labour demand, mainly in construction as tighter foreign worker quotas kicked in.

Although the growth in total employment dropped, MOM said it was higher than in the previous quarters in 2023 - and comparable with growth in non-recessionary periods.

It also noted that applications for higher-skilled non-residents like Employment Pass holders have picked up in tandem with improved business expectations.

Retrenchments in the first quarter fell to 3,000 from 3,460 in the fourth quarter of 2023.