The Jobs Support Scheme, initially announced in the Unity Budget in February, has helped retain staff to the extent possible, but retrenchments ...
SINGAPORE: Given that Singapore's economy is now expected to shrink from 5 per cent to 7 per cent in 2020, with a record high second-quarter year-on-year contraction of 13.2 per cent, retrenchment numbers are expected to continue to soar.
DPM announced a calibrated extension of JSS for up to 7 months covering wages until March 2021, based on the projected recovery of various industry sectors, with aerospace, aviation and tourism industries receiving the largest percentage of JSS support. This leads us to question whether the announcement of the extension of JSS a month or so earlier would have made a difference in preventing retrenchments, or would it have just kicked this retrenchment can down the road?Notwithstanding temporary economic buffers in the form of the extended JSS wage subsidies and other governmental support measures, mass retrenchment looms large on the horizon. Industry observers have predicted a spike in retrenchments once JSS comes to an end.
In Singapore, where trade in goods and services accounts for over three times of its GDP, the impact of the pandemic was almost immediate. More recently, a mere five days after the NTUC proposed its FRF, the unions were given an opportunity to put the FRF into action by boldly halting an unfair retrenchment exercise undertaken by Eagle Services Asia.
The recently created National Jobs Council has demonstrated some success by curating 92,000 committed public and private opportunities, with 24,000 job seekers actively placed into these opportunities by end-July.Similarly, some 10,000 local residents have found jobs through the Workforce Singapore career matching services in the first half of this year.
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