Retrenchments remained at the same level for the past two years, but unemployment was up in 2019
Retrenchments in 2019 (10,700) remained at the same level as in 2018 (10,730), Singapore’s Ministry of Manpower (MOM) revealed in its latest labour market report.
Retrenchments were found to be higher in the manufacturing and services sectors, but lower in construction.
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Released today (30 January), MOM also noted that on average, unemployment was higher in 2019 than the year before.
In the statement, MOM encouraged jobseekers “to be open to opportunities in other sectors and occupations beyond what they are familiar with, and upskill to meet changing hiring demands”.
In the past five years, Singaporeans continued to earn higher incomes, found the report. According to MOM, this was due to efforts to raise the income of low-wage workers in recent years, thereby narrowing the income gap with the median worker.
