Dear A.S.S. Editor
Reports in the media today indicated that the number of people in Singapore getting retenched or getting their contracts terminated had increased, as compared to previous years.
According to the report, economic restructuring and slower growth took a toll on the labour market last year, which saw the highest number of layoffs since the global financial crisis in 2009, as a total of about 19,000 people lost their jobs, as compared to 15,580 the year before. According to MOM, retrenchments alone hit 16,600.
Definitely not good news to start the New Year with. Seems like Singapore is affected in most sectors of the industry during this economic downturn, and the outlook is that the economy will not get better anytime soon. Will we face the prospect of losing our jobs? This is not a worry borne out of nothing. There is no such thing as an iron rice bowl in Singapore anymore. What if I really lose my job? Who can help me? The government? Hahaha!