A proposed 12.5% tariffs stemming from the alleged importation of forced labour-made goods to the US remains hanging in Singapore’s future. The US is set to debate on the proposed actions on July 7.
“Looking ahead, labour market conditions are expected to remain resilient, although firms may adopt a more cautious approach in hiring and wage increases amid heightened global economic uncertainty and geopolitical tensions,” MOM said.
“Labour demand is likely to moderate if external conditions weaken further and elevated global input costs persist.”
Unemployment, retrenchments in Singapore
Unemployment in Singapore remains low and stable in March 2026, with the overall rate at two per cent, according to MOM’s report.
The resident unemployment rate is at 2.9%, while the citizen unemployment rate is at 3.1%, broadly unchanged from the previous quarters.