Retrenchment is good.
We got less Malaysian crossing onto Singapore.they are just leeching on Singapore.morever they don't spend specially those working in Tuas or woodlands.
But it does affect the revenue generating Levy by MOM.
1. Retrenchment around me are Singaporeans making $8000-$15000 a month. Not really foreigners.
2. Some played dirty, restructured the company, made all employees sign new employment contracts with new holding company (losing their retrenchment benefits). This method don't work if they recontract with subsidiary.
3. Some played dirtier, announce 15% pay cut annually for next 2 years, cease all AWS and bonuses.
4. Engineers and blue-collar workers making below $5000 are still highly-sought after. Eg. Drivers can take home >$3000 if they work six days.
5. Despite increasing the pay-requirement for EPs (unlimited quota), it doesn't affect CECAs because making clocking $10K a month (including lodging benefits and kickbacks).
I can cite u five examples of massive retrenchments of locals - but companies and individuals will be named, so i shall skip this part. If you are a salaried man, the best heaven now is civil & uniformed service, very high pay and don't need to work like crazy.
Civil Service does not refer to GLCs. Retired army regulars don't even dare to consider GLCs (Keppel, Sembcorp, Capita, etc) now. They rather go to ministries, stat boards or schools. Even GLCs like ST Engineering and others are hiring with less benefits and bonuses for PMETs because the tide has changed.