Singapore’s total employment growth more than doubled in Q2

Job cuts, return to work rates

At the same time, Singapore also saw a slight increase in discharges after recording 3,270 cases in the second quarter.

According to the report, the financial and insurance services and wholesale trade sectors saw a higher number of job losses during the quarter.

“Across the economy, most firms cited business reorganization or restructuring in 2Q2024 as a reason for job cuts,” MOM said. “The number of job cuts due to fears of a recession or a sector slowdown declined as local external demand prospects are expected to be resilient through the end of 2024.”

At the same time, according to the report, 55% of workers laid off in the second quarter were able to find another job within six months of being laid off.