Jakarta, hitclubapk3 Indonesia
—
Thousands of restaurants in
Singapore
went bankrupt amidst a wave of layoffs (
Layoffs
) was big in that city-state.As many as 320 restaurant outlets are reported to go out of business every month.
According to several media reports, the bankruptcy of eating places in Singapore was due to the strengthening of the value of the Singapore dollar as well as the increase in shophouse rental prices and labor salaries.
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This of course makes it difficult for food businesses to continue business and compete in Singapore.
According to reports
CNA
, restaurants in Singapore went bankrupt due to the strengthening value of the Singapore dollar so they chose to spend money in foreign countries.
Meanwhile, according to
NHK
, increases in restaurant rental prices and labor costs are also contributing factors to the increasing number of restaurants closing.
Co-owner of Ka-Soh restaurant, Cedric Tang, said in 12 months, his staff’s wages increased by 10 percent, and food costs also rose by 5 percent.
Meanwhile, in 2023, restaurant rental prices will increase so shop owners are warning that this price increase will also occur in October.
Singapore’s Ministry of Trade and Industry (MTI) also noted that as many as 20 thousand people would be laid off throughout 2025.
MTI recorded this year’s unemployment rate at 2 percent, up from 1.9 percent in 2024.
According to MTI, this year as many as 19,800 staff lost their jobs, and came from seven industrial sectors, the majority of whom were professionals such as managers to technicians.
However, the Information and Communication Sector experienced the most severe impact.As many as 4,000 people lost their jobs this year in the sector.
The real-estate and trade sectors are also among those experiencing a decline in employment.
(rnp/rds)
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