Singapore retrenchments doubled at end 2022

Electronics manufacturing (670), wholesale trade (450) and information and communications (370) were among sectors that contributed the most to the 2,990 jobs cut in 4Q22. — Bloomberg

SINGAPORE: Despite total employment returning to pre-pandemic levels, the number of retrenchments in the fourth quarter of 2022 (4Q22) between October and December doubled to 2,990 from the 1,300 in 3Q22.

However, fewer jobs were cut in the second half of 2022 – 890 – than expected in the information and communications sector, which covers technology firms.