Retrenchments doubled last year; here’s how to prepare for 2024 layoffs in Singapore

[A Singaporean]

To the PAP it is always what Sinkies should do and never about what the gahmen should do.

 

[bart12]

I am hoping to experience at least 1 layoff

 

[sbfuncle]

I am hoping to experience at least 1 layoff

I have always wanted to experience it and totally no chance of laying off and getting compensation throughout my whole life of working in countless companies. It is always me showing the middle finger to the companies including my last stop

 

[Scrooball (clone)]

How to prepare for retrenchment?
Quite a stupid article.
All it need is money. Money money money.
You start networking now too late lah

lol I also wonder why people come up with such stupid topics.

Teach u how to be prepared for retrenchment? Then they will tell you to observe signs that the company is in trouble. Cheebye la, if you are some low to mid-level asshole in the company , you won’t know until they tell you la. Unless… u are in Finance dept. Different story.

Anyway how to get prepared? Company not doing well, then what can u do to make the company not fire you?

 

[Scrooball (clone)]

I have always wanted to experience it and totally no chance of laying off and getting compensation throughout my whole life of working in countless companies. It is always me showing the middle finger to the companies including my last stop

Here’s an idea for you…if you wanna experience layoff, just find out where this guy is going to and apply for a job there

 

[myfoot123]

Here’s an idea for you…if you wanna experience layoff, just find out where this guy is going to and apply for a job there

View attachment 202767

With a bossy face like this, you will resign immediately before the layoff even started.

 

[Pinkieslut]

Useless Sinkies can’t create good jobs.

 

[joemartini]

Retrenchments doubled last year; here’s how to prepare for 2024 layoffs in Singapore​

ByAnna Maria Romero​

MARCH 25, 2024

SINGAPORE: A recent report from the Ministry of Manpower (MOM) says that the number of layoffs more than doubled in 2023 and are now similar to pre-pandemic levels.

The Labour Market Report for the fourth quarter of 2023 showed that despite showing resilience throughout the year, the incidence of retrenchment in 2023 (6.7 per 1,000 employees) grew to more than double the low figure observed in 2022 (3.1 per 1,000 employees).

“The number of retrenchments rose in 2023 after a record-low in 2022, largely a result of re-organisation or restructuring within firms,” MOM said.

A March 24 dollarsandsense.sg report listed three reasons for Singaporeans to be ready for retrenchment at any time.

Firstly, businesses see layoffs as a “path to sustainability.”

On a local level, Lazada made headlines just as 2024 rolled around with a series of “sweeping” layoffs, while tech giants such as Amazon, Pixar, Google, Microsoft, and TikTok have all laid off staff worldwide.

Secondly, as mentioned earlier, layoffs in Singapore have gone up. However, job vacancies decreased throughout 2023, except in December.

Lastly, DollarsAndSense cited the following global trends that have contributed to retrenchments: higher interest rates, the rise of AI, and the slowdown of e-commerce.

“An environment of higher interest rates will inevitably affect global growth – including in Singapore.

With a signal that interest rates may stay elevated for longer in 2024, investment sentiments may dampen on the back of higher borrowing costs,” DollarsAndSense wrote.

What to do to be ready:​

1. Check your company’s health, which can be as simple as asking whether financial goals are met during meetings. This will eliminate surprises and provide you with an early warning device if things are beginning to go wrong.
2. Ensure you have enough emergency savings to last at least three months. This is one of the first things that anyone employed should do. Remember to account for inflation.
3. Keep tabs on the jobs in your field, and ensure your résumé and cover letter are updated regularly. You never know when you’ll need them.
4. Network, network and network. Go to events; you never know who you might meet. Say goodbye to your inner introvert, for now at least, and put yourself out there. As the saying goes, “it’s not what you know, it’s whom you know.” /TISG

VOTE OPPOSITION FULL STOP

 

[Sinkiesuk]

Don't need say retrenchment. No retrenchment the co also can force people to leave one. So many case sinkie ask to leave the co while many wp and long term pass workers continue to stay very long. Or even retarded got autism jihukia worker's job is protected.

 

[batman1]

With a bossy face like this, you will resign immediately before the layoff even started.

Before your resign take effect,Down 30 pushups !

 

[batman1]

Don't need say retrenchment. No retrenchment the co also can force people to leave one. So many case sinkie ask to leave the co while many wp and long term pass workers continue to stay very long. Or even retarded got autism jihukia worker's job is protected.

U are right.Management can terminate anyone anytime based on Management Perogatives under Singapore labour legislation.