But my boss told me I am safe from retrenchment!!

In Singapore’s context, there are only three category of jobs that are immune from retrenchments. Successful entrepreneurs, civil servants and full-time homemakers do not have to fear the dreaded retrenchment. If you have chosen to climb the corporate ladder, this is the golden rule you must always remember. The second rule is never to forget the first rule.

With disruptions brought forth by technologies and the emergence of new business models, it is definitely not “business as usual” for many companies. Changes in the industry will only gather pace and this means that businesses would have to evolve as well. In most circumstances, companies often choose the easy way out by laying off staff whose skills and competencies are considered obsolete. Through retrenchment, substantial costs can be saved and management is therefore able to provide answers to shareholders.

According to data released by Ministry of Manpower, the total number of retrenchments reached a peak of 19,170 in 2016 and subsequently tapered down to 14,720 in 2017. The job market is expected to improve significantly in 2018 as Singapore economy had shown signs of growing since the second half of 2017. Nonetheless, employees should remain vigilant of the headwinds in the market.

Retrenchment is here to stay

For sure, losing your job is not the end of the world but [This is a premium article. The rest of the content is blocked and can be accessible by SG Wealth Builder Members only. To read the full content, please sign up as member.]

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