The country's unemployment rate is also set to increase to 3-4%, a level not seen since the 1997/98 Asian financial crisis.
The $33 billion Fortitude Budget is the fourth budget introduced this year by the Singapore Government, and will be focused on jobs.
Speaking exclusively at HR Tech Fest Connect 2020, Steve Boese cautioned organisations on how their actions during the COVID-19 pandemic will shape their future.
The cuts will affect 1,900 staff as the home-sharing company grapples with the impact of the COVID-19 pandemic on the travel industry.
The COVID-19 recovery plan, which will cost US$493 million, looks to provide 1 million jobs in provinces and rural areas for workers.
The pandemic has brought the largest Southeast Asian economy to a standstill, with businesses having to shut down and lay off their employees.
Businesses forced to close during COVID-19 may struggle to restart operations when recovery from the pandemic begins, the Disaster Recovery Institute International cautioned.
The COVID-19 Jobs and Resource Hub offers a knowledge base for both employer and employees dealing with the impact of the pandemic.
40% of employers have shut down certain aspects of their business, and 19% are considering doing so, according to new SHRM research.
Year-on-year declines in total employment and the labour force widened further to 3.6% and 2.2% respectively, both the largest on record.
Introduced on April 1, the Wage Subsidy Scheme is an extension of Malaysia’s employment retention programme announced in the Economic Stimulus Package 2020 on March 16.
The COVID-19 outbreak has already seen 7 million jobs lost in Thailand, the second-largest economy in Southeast Asia.
More jobs are likely to be threatened this year, as IMF warns that the world economy is heading for its worst recession since the Great Depression in the 1930s.
New report from the International Labour Organisation warns that 195 million jobs worldwide could be wiped out because of COVID-19.
Governments in the Asia Pacific are urged to include the duty free and travel retail industry in their financial support packages.
The bank will reduce US$4.5bn worth of costs which would involve slashing about 15% of the group’s global workforce amidst plunging profits.
Asia is expected to be the worst affected, with 30 million jobs at risk of being lost.
The online travel site is set to lay off 3,000 jobs worldwide to cut operating cost after what it described as a “disappointing” 2019.
Plunging sales amidst the coronavirus outbreak have forced cosmetics retailer Sasa to axe jobs and cut up to 40% of its salaries in Hong Kong.
As if things weren't bad enough for the hotel industry in Hong Kong, the Wuhan virus outbreak may prove to be its final nail in the coffin.