i got two friends who got "retrenched" earlier this year.
One told me civil service headcount freeze, so his contract was not renewed. Now start his own business but struggling because of high overheads and regulatory issues, eg. need to send local staff for training. Borrowed money from me, never return on time too.
Second one retrenched from private sector. He is still highly sought-after but similar paying jobs are based overseas, eg. BKK, HK or Aust. He is still jobless because his wife and him don't wish to relocate.