Retrenchments in Singapore declined in Q4 2020, following 5 straight quarters of increases Details Published: 17 March 2021
Despite an increase in retrenchments through 2020, after taking into account the increase in workforce size over the years, the incidence of retrenchment remained lower than all the past recessionary years.
Singapore saw a decline in retrenchments in Q4 2020, the first decline to be recorded in five quarters. In particular, there were 5,640 retrenchments made in Q4, about 4,000 less than what was recorded in Q3 (9,120).
According to the Ministry of Manpower (MOM) s
Labour Market Report Fourth Quarter 2020, released by the Manpower Research and Statistics Department on Tuesday (16 March 2021), fewer retrenchments were recorded in most industries, except in air transport & supporting services, which was still affected by global travel restrictions.
Law Chi-kwong, Secretary for Labour and Welfare of the Hong Kong government, predicted on Sunday that the upcoming jobless rate for the past three months will surpass 7 per cent.Hong Kong s unemployment rate rose to 6.6 per cent in the .