Singapore’s tech sector has been hit by a wave of retrenchment, according to the Manpower Minister there has been an increase in the number of retrenchments in the sector, with 1,270 local workers laid off from July to mid-November.
Big tech firms, like Shopee, Twitter, and Facebook parent Meta have been the latest to join the global job-cut bandwagon in efforts to show profitability to investors.
The position impacted most was in non-tech roles such as sales, marketing, and corporate functions. Around seven in 10 were aged 35 and below, said the Ministry adding that this is “consistent” with the low median age of residents employed in the information and communications (I&C) sector.
The tech sector generally refers to the I&C sector, and employed about 136,100 residents as of June, the figure has increased steadily over the past five years at an average of 8,100 resident workers a year from June 2017.
In comparison, retrenchment numbers over the past five years have been relatively low, at an average of 790 resident workers per year added the Minister.
Based on available labour market data, 260 residents were retrenched in the first half of this year, as compared to the increase of 7,000 residents employed in the sector.
Employers with businesses registered in Singapore and at least 10 employees are legally required to notify MOM of any retrenchment within five working days of informing the affected employees.
