The number of retrenchments and unemployed residents in Singapore rose in the third quarter of 2023 as a weaker economic outlook dragged down sectors such as wholesale trade, according to the Ministry of Manpower (MOM)'s statistics.
Singapore (VNA) - The number of retrenchments and unemployedresidents in Singapore rose in the third quarter of 2023 as a weaker economicoutlook dragged down sectors such as wholesale trade, according to the Ministry of Manpower (MOM)'s statistics.
Retrenchments rose by 900, from 3,200 in the second quarterto 4,100 in the third quarter, with the majority of the increase from wholesaletrade. It is the second-largest sector in Singapore’s economy, making up 18.6% ofnominal gross domestic product in 2022 and employing more than 300,000 people by December 2022.
The sharp increase in retrenchments reflects the weakerexternal outlook the sector faced, the MOM said.
The 11,120 retrenchments in 2023 to date is almost double the 6,440 recorded inthe whole of 2022.
There were 68,000 unemployed residents, comprising Singaporeans and permanentresidents, in September, up more than 3% from the 65,600 recorded in June./.
The proportion of citizens aged 65 and above in Singapore has increased from 11.7% in 2013 to 19.1% this year, according to the country’s annual Population in Brief report released on September 29.
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Singapore’s factory activity grew for the first time in six months, signalling that the slump in manufacturing may have bottomed out, even as the electronics industry continued to show contraction, according to the Singapore Institute of Purchasing and Materials Management.
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Illustrative image (Photo: asianews.network) 
