Nearly half of Singaporeans, PRs’ income affected by COVID-19

47% of Singaporeans and PRs have experienced a dip in income such as wage cuts, forced to take no-pay leave or a reduction in commission earnings.
By: | June 3, 2020
Topics: Asia-Pacific | Compensation and Benefits | Job Cuts | News | Singapore | Southeast Asia

Nearly half or 47% of Singaporeans and Permanent Residents (PR) have experienced a dip in income such as wage cuts, forced to take no-pay leave or a reduction in commission earnings due to the COVID-19 pandemic, according to an OCBC survey.

Conducted in mid-May with 1,000 Singaporean and PR working adults between the ages of 21 and 65 earning from S$2,000 a month, the survey aims to measure the financial impact on Singaporeans during the COVID-19 pandemic.

Many businesses in Singapore have been impacted by the ‘Circuit Breaker’ which started on April 7 and ended June 2, resulting in cost saving measures such as wage cuts and layoffs.

Out of those whose jobs were not affected, 46% of them are worried about losing their jobs despite extensive government support and 35% intend to take or have taken on a second job.

Other concerns that Singaporeans and PRs have were wage cuts (36%) and having their bonus reduced or not having any bonus at all (36%).

A smaller percentage said they were worried that they would be forced to take no-pay leave (21%) or face a wage freeze (19%), while only 13% had no worries about their job.

Singaporeans and PRs have also taken this period to attend more online courses, with 53% of them doing so, although the proportion is higher among those in their 20s and 30s.