Singapore, After The Next Election

[AsiaDK]

9. Job Prospects

A wave of retrenchment is on the pipeline in the next 12-months. SGD is very strong now; we priced ourselves out of the market. Competition didn't killed us, we killed ourselves.

Our economy (exports) is affected and this translates to weaker business sentiments. Pay raise, headcounts will be frozen. RUN knows SMEs that put their employees on 4-day week and slashing their pay 20%. It is an indirect way of retrenchment, if the employee can't meet ends with a 20% pay-cut, they will leave on their own accord and not be compensated for termination. It reflects the dismay outlook, going forward.

A top-notch IT specialist told RUN that he never fails to get job interviews because of his outstanding resume. He is a regular job-hopper but since Chinese New Year, he just got one (interview). MNCs are not really hiring more and some timed their retrenchment in the second half of this year, after consultation with MOM. The HR practice of hiring under contract is now proven helpful in difficult times like this (eg. Sony also informed their IT contract staff that they will not be rehired, recently).

Today, we are almost 1:3 for ringgit. It also makes sense for more FTs to work in Singapore. RUN even came across a UK jobseeker with 1st Class Honours grad from Cambridge (Political Science) last month. Well, we also see a lot more Malaysian-born MPs and Ministers in Singapore now.

Update: Mandatory retrenchment notification rules to kick in next year
http://www.channelnewsasia.com/news...ation-rules-to-kick-in-next-year/3317552.html