Singapore’s latest job figures show signs of strain. Retrenchments edged up in the third quarter, job vacancies continued to fall, and more firms are planning layoffs.

That’s all according to the Ministry of Manpower’s third quarter labour report released earlier today.

At the same time, overall employment is still growing and there are still more job openings than unemployed persons, but the gap is closing. Workers are staying put, companies are cautious, and the labour market is clearly cooling.

So what’s really driving these shifts? And should workers be bracing for a tougher 2026?

On The Big Story, Nadiah Koh speaks with Ives Tay, Independent Workforce Development Consultant, as he helps us make sense of these trends and what they mean for Singaporeans heading into the new year.