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Retrenchments Surge 18% in Q4, Hiring Outlook Improves

1/27/2025

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Summary

Story summary

Retrenchments in Singapore surged by 18% in Q4 2024, totaling 3,600, largely driven by business restructuring. Yet, the annual figures showed a decline, with 12,930 layoffs compared to 14,590 in 2023. Amidst these challenges, the labor market holds steady, as 46% of companies gear up to hire in early 2025, signaling hope for recovery.

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Story summary

Retrenchments in Singapore surged by 18% in Q4 2024, totaling 3,600, largely driven by business restructuring. Yet, the annual figures showed a decline, with 12,930 layoffs compared to 14,590 in 2023. Amidst these challenges, the labor market holds steady, as 46% of companies gear up to hire in early 2025, signaling hope for recovery.