More expected to be jobless, especially in retail, F&B, recreation sectors

Annabeth Leow

Published Tue, Apr 28, 2020 · 09:50 PM

Singapore

LAYOFFS and unemployment are expected to rise in Singapore this year, in spite of a massive fiscal shot in the arm, the central bank said in a half-yearly report out on Tuesday.

The Monetary Authority of Singapore (MAS) warned that retail trade, food and beverage and recreation services staff are "most vulnerable to being laid off" - especially as overall and industry labour market conditions were already soft in end-2019, before the deadly Covid-19 pandemic hit.

But even before pink slips are handed out, wages are expected to take a hit - and soon. Resident monthly wages may decline in the near term if policy support is not enough to offset business losses, and workers' ho…