Singapore Labor Market Adds Jobs but Layoffs Rise in Tech and Finance
Singapore added 27,700 jobs in the third quarter, but layoffs also rose as companies reorganized.
Market · Source: Reuters
What happened
Singapore saw a mixed labor market in the third quarter. Total employment grew by 27,700 jobs, excluding migrant domestic workers. This was a significant acceleration from the 11,400 jobs added in the second quarter. It also beat the 25,100 jobs added during the same time last year. However, layoffs went up at the exact same time.
The Ministry of Manpower reported 4,800 layoffs in the third quarter. This is an increase from 4,620 job cuts in the previous three months. Most of these job cuts happened because companies are reorganizing their businesses. They are restructuring their internal teams rather than dealing with a total collapse in consumer demand. The ministry flagged that more firms are now signaling plans to cut workers in the near future.
Job growth was highly uneven across different industries. Essential and public services drove hiring for local citizens and permanent residents. Meanwhile, outward-facing sectors like information and communications and financial services saw very slow growth. Global economic uncertainty is making employers in those specific fields highly cautious about adding new headcount.
By the numbers
- 27,700 — Total employment increase in the third quarter, excluding migrant domestic workers.
- 4,800 — Number of retrenchments in the third quarter, up from the previous quarter.
- 2.0% — The overall unemployment rate in September, which held steady.
Why it matters
This data sends a clear warning light for job seekers watching international markets. A growing overall job market does not mean every individual sector is safe. Companies are actively hiring in some areas while cutting jobs in others to change their business structures. You can no longer assume that general economic growth protects you from unexpected layoffs. The job market is shifting beneath the surface.
The second-order effect is a noticeable shift in employer confidence. While a share of companies still plan to hire or raise wages in the next three months, that optimism has dropped since July. Employers remain wary of boosting headcount given the uncertain global economic climate. This means job seekers will likely face longer interview processes, stricter hiring budgets, and fewer open roles in tech and finance.
Who this hits
Tech and finance workers
These outward-oriented sectors are seeing the most layoffs and the slowest job growth. Workers in these fields face a tighter market as companies reorganize and freeze headcount.
Public and essential service workers
These sectors are driving the bulk of local employment growth for citizens and permanent residents. Job seekers targeting these stable industries will find more open doors and hiring demand right now.
Nonresident workers
Foreign workers continue to make up the largest share of new employment growth. However, most of these new jobs are heavily concentrated in physical sectors like construction rather than corporate roles.
What to do this week
- Research if your target companies are going through business reorganizations or structural changes before you apply.
- Expand your job search beyond traditional tech and finance roles into essential services or public sector vendors.
- Focus your resume on skills that help companies restructure, save time, or improve operational efficiency.
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My take
A growing job market with rising layoffs is a clear warning sign, but it is not a reason to panic. Companies are shifting their internal structures, not shutting down completely. You need to stay flexible and look for roles in sectors that are actively growing rather than fighting for spots in shrinking departments.