Some industries in Singapore, like tech, have been unable to buck the broader global retrenchment trends, suffering job losses in recent times.
But looking positively, unemployment rates, in general, have remained low in Singapore. Total employment has actually grown, according to recent Ministry of Manpower (MOM) advance estimates.
This means that even for those retrenched, the overall job market is still healthy enough that they can likely find new jobs or roles, perhaps possibly in other industries.
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Singapore businesses are wary about 2023
Still, companies in Singapore are more cautious in hiring this year, with recession concerns and business costs rising, according to the Singapore Business Federation’s (SBF) latest National Business Survey.
Mr Albert Tsui, executive director of SBF’s advocacy and policy division, said to the Straits Times: “While business sentiments are generally on an upward trajectory post-pandemic, most Singapore businesses are approaching 2023 with greater caution on the back of heightened cost pressures and continued manpower challenges.
The survey revealed that 26% of these Singapore-based companies expect the economy to worsen this year, compared to 13% in 2022.
Of all the 931 companies surveyed, 73% were small and medium-sized enterprises (SMEs), and 27% were large companies.
As with all relationships, breaking up is hard to do. It can be unpleasant for retrenched individuals as they deal with the fallout, emotionally and economically.
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Don’t let the emotions overwhelm you during these hard moments; it is crucial to know what to do to make sure you aren’t short-changed.
According to the Tripartite Advisory on Managing Excess Manpower and Responsible Retrenchment issued by MOM, the National Trades Union Congress and the Singapore National Employers Federation, it is recommended that employers offer two weeks to a month of salary for each year of service for employees with at least two years’ service.
Employees who have worked a shorter period could be granted a voluntary goodwill payment, though this advice does not create any rights an employee can directly involve against an employer.
Unionised workers who are retrenched may also have recourse under a collective agreement. The union could also be notified of upcoming retrenchments and represent employees in any discussions with the employer.
Here are more stories on what to take note of during a retrenchment exercise and how to bounce back fast!
Just Got Retrenched? Stop, and Read This to Deal With Your Emotions
Working in Tech and Got Retrenched? Here’s How to Pivot Forward
10 Hot Singapore Industries for Your Post-Retrenchment Job Search
Bouncing Back from Retrenchment: How These Singaporeans Did it
Lost Your Job? Here’s How the MyCareersFuture Jobs Portal Can Help You
If Job Security is a Concern, How Should You Prepare for the Worst?
Out of Work: How to Keep Calm and Stay Positive
Dealing With Job Loss: 3 Steps to Bounce Back
4 Tips to Build Back Your Confidence After a Retrenchment