Nobody is ever prepared for retrenchment. And when retrenchment strikes, it certainly feels like the end of the world. This is especially so if you are a middle-aged white-collar PMET. With the job market saturated with young graduates and foreign talents, finding a position that matches your last drawn salary could be a challenge. Without retrenchment support, things can spiral out of control.
With the unfolding trade war between US and China, Singapore’s economic growth is expected to slow to 0 to 1% this year. Against this backdrop, the job market in Singapore currently looks hazy. According to Ministry of Manpower, the number of retrenchments in the first half of this year stood at about 5,500, slightly more than the 5,300 recorded in the same period last year.
Whilst it is not possible to change the macro-economic conditions, Singaporeans can certainly take steps to safeguard themselves against the spectre of retrenchments. The worst thing in life is to be complacent and assume that your job will always be there. Such assumption may not be valid anymore given the structural changes in industries and the constant technological disruptions.
Our ability to earn income is key to building wealth. Therefore, it is …