The National Trades Union Congress (NTUC) of Singapore has demanded a transition help package to help laid-off workers in finding new jobs.
As workers in Singapore get ready for a “tough year” in 2024, this might take the kind of financial support or possibilities for upskilling and reskilling, according to Ng Chee Meng, Secretary-General of the NTUC.
The President of the Singapore National Employers Federation (SNEF), Robert Yap, echoed Ng’s call and stated that people are Singapore’s most valuable resource.
We aren’t doing ourselves justice if we don’t make the most of them and develop them to the best extent possible. We’ll have a very difficult time competing internationally.
Employees themselves agree that there would be more layoffs this year, according to the NTUC and SNEF.
About 2,000 Singaporeans participated in an NTUC study between December and January of last year, and 40% of them said they thought it was probable they would lose their employment in the following three months. This is a rise from 25% who said the same thing during the same time last year.
According to CNA, 31% of 185 employees in another NTUC study think that structural developments like automation and artificial intelligence (AI) will someday replace them.
In Singapore, more workers are looking to quit their current companies in search of better work-life balance, greater financial compensation, and professional prospects, despite these obstacles and worries.
In a survey of one thousand professionals conducted by the networking site LinkedIn, 86% of participants said they planned to leave their current employers in the near future. Millennials and members of Generation Z employees are especially likely to feel this way.