Singapore records highest layoffs in over five years

In the second quarter of 2026, Singapore's Ministry of Manpower reported that 4,500 workers were laid off, the highest number since the fourth quarter of 2020 when 5,640 jobs were lost during the pandemic. The layoff rate rose from 1.6 to 1.9 per 1,000 employees, concentrated in export‑oriented sectors and driven by restructuring in professional, knowledge‑based fields, especially among degree‑holders and senior staff aged 50‑59.

Despite the surge in redundancies, total employment grew by 10,700 jobs in the quarter, with local job creation continuing in key services and public sectors, while non‑resident hiring expanded in construction and manufacturing. The overall unemployment rate remained low at 2 %, with resident unemployment at 2.9 % and Singapore citizen unemployment slipping slightly to 3 %. A full labour market report is slated for release in mid‑September.