<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD class=wintiny noWrap align=right>19580.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD>Labour chief more upbeat
</TD></TR><TR><TD><!-- headline one : end --></TD></TR><TR><TD>Layoffs likely to be below past peaks and jobless rate is also under control </TD></TR><TR><TD><!-- Author --></TD></TR><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Sue-Ann Chia
</TD></TR><TR><TD><!-- show image if available --></TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->LABOUR chief Lim Swee Say was unusually upbeat yesterday, saying the number of people laid off and out of work in Singapore this year will be below the peaks of past downturns.
'After eight months, we are on track to reach the target,' he said yesterday at Murata Electronics company's National Day observance ceremony.
His new confidence is a departure from his past warnings of more layoffs, although he cautioned again that it was still too early to pop the champagne.
He believes there is a good chance that layoffs can be kept below the 30,000 peak Singapore suffered in 1998 during the Asian financial crisis.
His cautious optimism is based on the lower-than-expected layoffs in the first half of this year, at 15,700.
The jobless rate too is unlikely to match the peak of 4.3 per cent in 2003 during the Sars crisis, he said, pointing to the latest figures.
It has remained steady at 3.3 per cent in June, despite the economy contracting 6.5 per cent in the first half of this year.
These numbers led Mr Lim, secretary-general of the National Trades Union Congress (NTUC), to declare: 'We have done unusually well in these unusual times.'
It can be credited to several factors, he said.
Foremost among them are the government subsidy schemes to minimise layoffs such as Jobs Credit and the Skills Programme for Upgrading and Resilience (Spur). Also, several countries - including Singapore - have pulled out of the economic rut in the past month, owing to better-than-expected growth results.
His positive prognosis affirms the revised forecasts of analysts, who say the job market is getting better.
Last month, Nanyang Technological University economist Choy Keen Meng said layoffs are not likely to surpass 30,000 this year.
However, there is a fly in the ointment: Employment figures beyond September are uncertain as companies have yet to see a rush of Christmas orders.
However, workers and unionists are 'very encouraged' by the assurance from Prime Minister Lee Hsien Loong, in his National Day Rally speech on Sunday, that the worst is over for the Singapore economy, he said.
Mr Lim said: 'They went through a very challenging first half of the year, and now they feel the situation has improved.'
But the road to recovery is long, dark and slippery. 'We will fall again and again,' he warned.
For instance, consumers in the United States and Europe could continue to cut back on spending during the Christmas season, causing global demand to fall.
Mr Lim said that amid these risks, Singapore must also fend off competition from other countries that are hungry for investments and projects.
He noted that protectionism is also rising, with countries in Europe bent on preserving jobs by stopping their investments from flowing to Asia.
The implications are obvious. Singapore has to be 'cheaper, faster and better' to maintain its competitive edge, he said, citing the need to intensify efforts to boost productivity and be more flexible to changing conditions.
[email protected]
</TD></TR></TBODY></TABLE>
</TD></TR><TR><TD><!-- headline one : end --></TD></TR><TR><TD>Layoffs likely to be below past peaks and jobless rate is also under control </TD></TR><TR><TD><!-- Author --></TD></TR><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Sue-Ann Chia
</TD></TR><TR><TD><!-- show image if available --></TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->LABOUR chief Lim Swee Say was unusually upbeat yesterday, saying the number of people laid off and out of work in Singapore this year will be below the peaks of past downturns.
'After eight months, we are on track to reach the target,' he said yesterday at Murata Electronics company's National Day observance ceremony.
His new confidence is a departure from his past warnings of more layoffs, although he cautioned again that it was still too early to pop the champagne.
He believes there is a good chance that layoffs can be kept below the 30,000 peak Singapore suffered in 1998 during the Asian financial crisis.
His cautious optimism is based on the lower-than-expected layoffs in the first half of this year, at 15,700.
The jobless rate too is unlikely to match the peak of 4.3 per cent in 2003 during the Sars crisis, he said, pointing to the latest figures.
It has remained steady at 3.3 per cent in June, despite the economy contracting 6.5 per cent in the first half of this year.
These numbers led Mr Lim, secretary-general of the National Trades Union Congress (NTUC), to declare: 'We have done unusually well in these unusual times.'
It can be credited to several factors, he said.
Foremost among them are the government subsidy schemes to minimise layoffs such as Jobs Credit and the Skills Programme for Upgrading and Resilience (Spur). Also, several countries - including Singapore - have pulled out of the economic rut in the past month, owing to better-than-expected growth results.
His positive prognosis affirms the revised forecasts of analysts, who say the job market is getting better.
Last month, Nanyang Technological University economist Choy Keen Meng said layoffs are not likely to surpass 30,000 this year.
However, there is a fly in the ointment: Employment figures beyond September are uncertain as companies have yet to see a rush of Christmas orders.
However, workers and unionists are 'very encouraged' by the assurance from Prime Minister Lee Hsien Loong, in his National Day Rally speech on Sunday, that the worst is over for the Singapore economy, he said.
Mr Lim said: 'They went through a very challenging first half of the year, and now they feel the situation has improved.'
But the road to recovery is long, dark and slippery. 'We will fall again and again,' he warned.
For instance, consumers in the United States and Europe could continue to cut back on spending during the Christmas season, causing global demand to fall.
Mr Lim said that amid these risks, Singapore must also fend off competition from other countries that are hungry for investments and projects.
He noted that protectionism is also rising, with countries in Europe bent on preserving jobs by stopping their investments from flowing to Asia.
The implications are obvious. Singapore has to be 'cheaper, faster and better' to maintain its competitive edge, he said, citing the need to intensify efforts to boost productivity and be more flexible to changing conditions.
[email protected]
</TD></TR></TBODY></TABLE>
