How do current retrenchments compare to Sars and 2008 crises?

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Retrenchments in First Half of 2020 Exceeded Sars Period but Remained Below 2008 Crisis Levels

Retrenchments in Singapore during the first half of 2020 reached 11,350, a figure that surpasses the job cuts recorded during the Severe Acute Respiratory Syndrome (Sars) outbreak in the first half of 2003. However, this total remained lower than the number of layoffs experienced during the global financial crisis of 2008. The final tally for the first six months of 2020 indicated 8,130 retrenchments in the second quarter alone, contributing to the overall increase from initial estimates.
Retrenchments Higher Than Sars Period

The 11,350 retrenchments recorded in the first half of 2020 represent a significant increase compared to the 10,120 job cuts that occurred during the first half of 2003, a period marked by the Sars epidemic. This comparison highlights the economic impact of the situation in early 2020, which led to a greater number of redundancies than the earlier health crisis.
Lower Than Global Financial Crisis Peak

Despite the rise, the retrenchment figures for the first half of 2020 did not reach the peaks seen during the global financial crisis of 2008. During that economic downturn, Singapore experienced a total of 12,760 layoffs in the first half of the year. This indicates that while the early 2020 situation resulted in substantial job losses, it did not surpass the severity of the 2008 crisis in terms of retrenchment numbers.
Revised Estimates Show Increased Retrenchments

The final figures for retrenchments in the first half of 2020 were higher than initially estimated. Advanced estimates released earlier in the year had suggested a total of 9,920 layoffs for the first six months. The updated data, incorporating 8,130 retrenchments in the second quarter, revised the total upwards to 11,350.

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How do current retrenchments compare to Sars and 2008 crises?

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