How bad is the retrenchment situation in Singapore, and how much worse it will get? | Malay Mail

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How bad is the retrenchment situation in Singapore, and how much worse it will get?

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Saturday, 15 Aug 2020 02:43 PM MYT

“The CEO did not even leave a word via WhatsApp,” said Nicholas. “Naturally, many outlet staff were quite upset, as they were already on no-pay leave, and were waiting for the circuit breaker to end so that they could resume working.” Retrenchments rose by 108 per cent to 6,700 between April and June, compared with 3,220 in the first three months of the year, according toOn Monday, Deputy Prime Minister Heng Swee Keat is slated to make a ministerial statement to provide details on how theWriting on Facebook earlier this week, Heng gave the assurance that the Singapore government will continue to provide targeted support to sectors that are hardest hit, including helping them “pivot to new opportunities” in growth areas.

While there was relatively little news of major retrenchment exercises in Singapore in the first few months of the pandemic, the end of the circuit breaker period saw several companies — mostly from the badly impacted services sector — making headlines with their layoff announcements. But Seah said it is hard to come up with an exact figure now “as the entire crisis is still continuing”.

“We should extend the JSS, but take a more targeted approach where the extension is only for certain industries that are worst hit,” Seah said. The Asian Financial Crisis in 1997 and 1998 saw around 30,000 retrenchments, while the Global Financial Crisis in 2008 and 2009 claimed around 40,000 jobs.Even as retrenchment figures rise, the official numbers may still not capture the full picture since they do not include firms with fewer than 25 employees or affected workers in the gig economy, economists told TODAY.

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