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Singapore's Retrenchment Level Climbs in Q1

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Singapore's level of retrenchment increased to 3,830 or 1.6 per 1,000 employees in the first quarter ended March 31, from 3,690 or 1.5 per 1,000 employees recorded in the preceding quarter, according to data released by the Ministry of Manpower on Monday.

The retrenchments touched their highest level in almost three years since the third quarter of 2023, when 4,110 workers were retrenched, according to Bloomberg estimates. These were driven largely by restructuring or reorganization by companies.

"The increase in retrenchments was mainly in external-oriented sectors such as manufacturing, financial services, and professional services," the ministry said in its statement.

The data showed that the resident re-entry rate into employment within six months post-retrenchment improved for the second consecutive quarter to 60.7% in the January-March quarter from from 57.4% a quarter ago.

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