Singapore reports Q2 2026 layoffs surge to 4,620, highest since 2020
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Singapore's Ministry of Manpower reported that layoffs in the second quarter of 2026 totaled 4,620, up from 3,830 in the first quarter and the highest level since the fourth quarter of 2020, when layoffs reached 5,640 during the severe COVID-19 outbreak. The main causes were corporate restructuring and business reorganization. The ministry said the quarter-on-quarter increase was concentrated in industries that rely heavily on overseas markets, namely manufacturing, information and communications technology, and financial services. Meanwhile, the share of resident workers who were laid off and re-entered employment within six months fell to 54.9% from 60.7% in the first quarter. The rate of finding new employment within 12 months held steady at 69.8%. The overall unemployment rate remained at 1.9%, while the resident unemployment rate stood at 2.9% and the citizen unemployment rate at 3%. Job vacancies declined in the second quarter, particularly among professionals, managers, executives, and technicians in financial services and information and communications. However, vacancies still outnumbered unemployed workers, at a ratio of 1.48 openings per unemployed person in June.