NTUC, SNEF warn workers and employers of challenging year ahead

Workers are worried about job security and the rising cost of living.

NTUC and the Singapore National Employers Federation (SNEF) warn workers and businesses of a more challenging year ahead due to the disruptions to international trade and global supply chains.

Workers are particularly at risk of job security, with retrenchment figures doubling.

According to NTUC’s annual survey on economic sentiments, 40% of 2,000 respondents feel they are more likely to lose their jobs in the next 3 months, almost twice compared to last year’s survey with 25%.

In addition, workers are also worried about the rising cost of living as wage growth stagnates or declines.

Sectors with the most headwinds include electronics, oil and gas, chemicals, and food manufacturing.

SNEF President Robert Yap said that employers need to make initiatives to transform businesses amidst the challenges posed by disruptions and the need to stay adaptable and competitive.

Meanwhile, the NTUC will provide support to workers affected by this labour crisis including training programmes, financial support or upskilling for displaced workers, and flexible work arrangements for caregivers or older workers.