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ARTICLE · 20 AUGUST 2020

Extending Jobs Support May Only Delay The Inevitable - Retrenchments

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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,...

SingaporeCoronavirus (COVID-19)
Amarjit Kaur
Amarjit Kaur
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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.

Total employment in the second-quarter declined by 121,800, which is the largest recorded quarterly decline in Singapore.

Retrenchments during these three months more than doubled to 6,700 from 3,220 in the first-quarter, and is almost triple the retrenchment rate Singapore witnessed over the same period last year.

Retrenchments in the second-quarter rose across broad industry sectors, most significantly in retail and air travel.

This trend of rising retrenchments looks set to continue as the ripple effect of COVID-19 wipes out years of economic progress and continues to undermine business and consumer confidence in the face of an uncertain future.

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