Singapore's numbers, read closely
In the second quarter of this year, about 4,500 people were retrenched in Singapore, the highest quarterly figure since the end of 2020, up from 3,800 the quarter before, mostly in tech and manufacturing. Yet unemployment sits around 2%, more companies plan to hire than to cut, and the headlines say the economy is fine. Which is exactly why it is worth looking closer.
In July, Singapore's government technology agency cut 93 people. A tiny number that barely made the news. Then on 4 August a minister gave Parliament a breakdown: 42% of those cut were in their 40s. You might think the headline is older workers being hit hardest. But she said the 40 to 49 group was not over-represented. It matched their share of the workforce.
That sounds like fairness. It is actually some of the worst news in the story. The old deal your parents worked under was simple: put in the years and you become harder to remove. Years were your armour. If you are cut at exactly the same rate as someone who joined last year, your 20 years added nothing to your protection. One more detail: those let go had been there 5.4 years on average, those kept about 6. Tenure did not decide it. Something else did.