Staying prepared for job losses

IN THE Ministry of Manpower’s (MOM) latest labour market report, Singapore recorded a record low of 990 retrenchments in the second quarter of 2022.

However, it was also clear that the government is concerned about the darkening economic outlook.

Permanent Secretary for Manpower Ng Chee Khern noted that while the job market remains tight, lay-offs overseas and a possible recession in the United States could result in labour market demand easing “sooner than we think”.