More support called for retrenched employees in Singapore

Singapore’s National Trades Union Congress (NTUC) has called for a transition support package for retrenched employees as they seek new employment opportunities.

This, said Ng Chee Meng, Secretary-General of the NTUC, can be in the form of financial assistance or upskilling and reskilling opportunities as employees in Singapore ready themselves for a “tough year” in 2024.

Echoing Ng’s call, Robert Yap, President of the Singapore National Employers Federation (SNEF), added that people are Singapore’s most important resource.

“If we don’t maximise that, we don’t cultivate them to the fullest potential, then we’re not doing ourselves justice. It’ll be very hard for us to compete on the international stage.”

Both the NTUC and SNEF expect more layoffs this year, a sentiment that is shared by employees themselves.

In a survey of nearly 2,000 Singaporeans conducted by the NTUC between December last year and January, 40% of respondents believe they are likely to lose their jobs in the next three months, up from the 25% in the same period last year.

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In another survey by the NTUC, 31% of 185 employees believe that structural trends like automation and artificial intelligence (AI) will eventually replace them, reported CNA.

Despite these challenges and concerns, more employees in Singapore are looking to leave their current employers for better career opportunities, higher financial compensation, and a better work-life balance.

According to a survey of 1,000 professionals by networking platform LinkedIn, 86% of respondents expect to leave their current employers in the near term, a sentiment that is particularly shared by Gen Z and millennials employees.