Lucky if is just 'a few' were affected.
This rotting already happening since at least 10+ years ago in MNCs.
Couple of I dealt with before replaced everyone of local citizens from functional directors right down to clerks and secretaries , mostly from boss' home country! Some of these MNCs, yes, globally known companies, went belly up not too long ago.
Another major MNC, a department consisted of mainly people from same village of department head, supposedly dealing with regional business, yet none of the people knew anything of their business, even here in SG where they are based.
Just 'a few' retrenchment is a blessings to those still employed.
FTs create jobs for citizens? Unless MOM is totally transparent to declare all raw statistics, that's a nice laugh to start the week collecting cardboards as excercise for citizens. Immigration is still stamping visa for FT coming to work in SG like printing toilet papers.