Singapore labour market: Slower resident employment growth, retrenchment figures a concern - Analyst

Fewer retrenched residents in Singapore found a job within six months in the second quarter of this year compared to the previous quarter. Retrenchments hit their highest level since late 2020 while resident employment growth slowed. One analyst says taken together, the trends may be a concern and warrant monitoring. Still, the Manpower Ministry says the labour market remains resilient, with employment growing and unemployment low. Germaine Wong reports. In response to the latest Labour Market Report, NTUC Deputy Secretary-General Desmond Tan says older workers still have much to contribute. But he adds that more support is needed to help them remain employable, as working lives lengthen. NTUC Assistant Secretary-General Yeo Wan Ling points to rising retrenchments and displaced workers taking longer to find their next job. She says the focus now is on helping workers reskill and prepare for their next job, without having to choose between earning an income and upgrading their skills. For more analysis, we spoke with Dr Faizal Yahya - Senior Research Fellow, NUS Institute of Policy Studies.