Fewer retrenchments in 2024 than in 2023

Job trend: A man takes pictures of the Singapore skyline from Mont Faber hill. Corporate restructuring is the main reason companies cite for laying off workers. — AFP

SINGAPORE: Layoffs were rising in the last quarter of 2024 but the year closed with fewer layoffs than in 2023, and more Singapore residents in jobs.

There were 3,600 retrenchments in the fourth quarter of 2024, up from 3,050 in the previous quarter, according to preliminary labour market data released by the Manpower Ministry (MoM) on Jan 27.