Singapore Retrenchments Rise in Q1, Higher Among Degree Holders and Older Workers
Singapore experienced an increase in retrenchments during the first quarter of the year. The Ministry of Manpower (MOM) reported a notable rise in job losses, particularly affecting individuals with higher degrees and older workers. This trend is attributed to ongoing restructuring efforts within the professional and knowledge-intensive sectors of the economy.
Singapore recorded an increase in retrenchments during the first quarter of the year. Data indicates a notable rise in job losses across the country.
The Ministry of Manpower (MOM) specifically highlighted that the sharpest increase in retrenchment incidence was observed among individuals holding higher degrees and older workers. This represents a significant shift in the demographics most affected by job displacements.
This trend, particularly the higher incidence among higher-educated workers, is understood to reflect ongoing restructuring initiatives within Singapore's professional and knowledge-intensive sectors.
According to Channel News Asia, which cited the Ministry of Manpower (MOM), these findings underscore significant economic adjustments in the first quarter.
