What sectors, besides tech, saw stable or low retrenchment rates?

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Accommodation and Construction Sectors Maintained Stability Amidst Broader Layoff Trends

Beyond the technology sector, the accommodation and construction industries demonstrated resilience in the third quarter, experiencing low rates of retrenchment. These sectors also maintained robust hiring activities during the same period, contrasting with the significant layoffs observed in other industries.
Low Retrenchment Figures in Key Industries

While the overall number of retrenchments in Singapore saw a notable increase of approximately 35 per cent in the third quarter, reaching 1,120 from 830 in the preceding quarter, the accommodation and construction sectors remained exceptions. These industries did not contribute significantly to the rise in layoffs, indicating a stable employment situation within them.
Strong Hiring Activity in Accommodation and Construction

These sectors not only kept retrenchments low but also continued to be strong in their hiring efforts. This sustained demand for labour suggests a healthy operational environment and ongoing projects that require a consistent workforce, thereby absorbing available talent and maintaining employment levels.
Contrast with Tech Sector Trends

The stability in accommodation and construction stands in stark contrast to the information and communications sector, which saw retrenchments surge from 110 to 460 in the third quarter. The Ministry of Manpower (MOM) indicated that these tech-related layoffs were largely due to restructuring efforts rather than a general downturn in the sector's overall employment needs, as vacancies remained high.
Broader Employment Growth

On a larger scale, the MOM reported that total employment for the third quarter expanded robustly to 75,900, a significant increase from the 66,500 in the previous quarter. This overall growth, driven by both residents and non-residents, further contextualizes the relative stability observed in sectors like accommodation and construction within a generally expanding labour market.

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What sectors, besides tech, saw stable or low retrenchment rates?

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