Singaporeans growing 'more anxious' about job insecurity

Job insecurity across Singapore is escalating amid growing reports of retrenchments locally and across the world as of late, according to the National Trades Union Congress (NTUC).

NTUC's annual Survey on Economic Sentiments found that almost 40% of Singaporean workers are worried that they would lose their jobs in the next three months. This is nearly double the 25% who expressed the same concerns in 2023, according to the NTUC.

"It does look like it will be a tougher year ahead. The projected retrenchment numbers for 2024 seem to be on the increase," said NTUC secretary-general Ng Chee Meng said in a statement.

"Workers on the ground are also telling us that they are more anxious about job security."

These concerns come after retrenchments in Singapore more than doubled to 14,320 in 2023, according to the Ministry of Manpower.

It also comes amid reports of layoffs carried out by organisations all over the world, including eBay, UPS, among others.

Locally, Lazada Singapore took the headlines early this year after it executed controversial layoffs among employees without prior consultation with unions.

The rise of artificial intelligence is also making 31% of 185 employees feel concerned about their jobs, while 47% recognise that these trends would likely cause job displacement, according to the NTUC.

Support for retrenched workers needed

With layoffs predicted to rise this year, Ng called for "pro-active action" to support displaced employees.

"We should think about a transition support package, in the form of financial upskilling/reskilling support for displaced persons seeking new opportunities in a more challenging environment," Ng said.

The secretary-general also assured that the NTUC is willing to extend their support to employees.

"We care deeply about your lives and livelihoods, and we hope to partner with workers of all classes, whether you are rank-and-file or Professionals, Managers, Executives, young or old, man or woman," Ng said.

Upskilling urged

Meanwhile, the Singapore National Employers Federation (SNEF) also urged businesses to take bold steps in transforming their businesses to remain competitive amid various disruptions.

The federation also encouraged employees to upskill as businesses still have job vacancies.

"SNEF will continue to support employers to transform their business boldly and responsibly so that they can bring their employees along their transformation journey," SNEF president Robert Yap said in a statement.

"At the same time, SNEF encourages workers to be adaptable and resilient by continuing to reskill and upskill in order to seize new job opportunities and grow in their career."