Singapore’s Q3 2026 layoffs reach 4,800, most since 2020
Singapore’s employment grew by 27,700 in Q3 2026, while resident unemployment rose to 3.0% in September and more firms expected job cuts.
- Singapore recorded 4,800 layoffs in the third quarter of 2026, the highest number in a single quarter since late 2020.
- The main driver for the job cuts was business reorganization and restructuring, particularly affecting export-oriented businesses.
- Despite the layoffs, overall employment in Singapore grew, but the unemployment rate for residents rose to 3.0% and for citizens to 3.1%.
- The number of companies expecting to make further cuts has increased, signaling what the manpower ministry calls "emerging weaknesses" in the labor market.
Singapore recorded 4,800 retrenchments in July–September 2026, the highest quarterly total since late 2020, as corporate restructuring continued to drive job cuts, according to preliminary Ministry of Manpower data. The figure rose from 4,620 in the second quarter.
Singapore’s employment nevertheless grew by 27,700 in the third quarter, accelerating from an increase of 11,400 in April–June. The employment figures exclude migrant domestic workers.
Restructuring drives job losses in Singapore
Business reorganisation remained the main reason for retrenchments, Singapore’s manpower ministry reported. Job cuts remained concentrated in businesses reliant on exports and overseas markets, leaving those sectors exposed to shifts in the global economy.
Singapore last recorded a higher quarterly retrenchment total in October–December 2020, when 5,640 workers lost their jobs during the COVID-19 pandemic.
Singapore subsequently experienced a tighter labour market as pandemic travel restrictions contributed to an exodus of foreign workers from the business hub. The recent rise in retrenchments signals a shift from that period of labour shortages.
Singapore resident unemployment edges up to 3.0%
Singapore’s overall unemployment rate held at 2.0% in September 2026. However, the rate for residents, comprising citizens and permanent residents, increased from 2.9% in August to 3.0%, while unemployment among citizens alone rose from 3.0% to 3.1% over the same period.
The proportion of Singapore companies expecting to retrench workers over the following three months rose from 2.8% in August to 3.1% in September.
Singapore’s manpower ministry warned that elevated retrenchments and the growing share of companies expecting further job cuts pointed to “emerging weaknesses in parts of the labour market that warrant close monitoring”, even as the overall labour market continued to expand.
