Tripartite effort needed to help workers navigate new job market

THE recent headlines surrounding Singapore's depressed labour market situation have not made for pretty reading.

There are more reports these days about companies big and small conducting layoffs in large numbers as profits and revenue tumble amid the current weak economic conditions. Some 9,510 workers were made redundant in the first six months of this year, the highest since the global financial crisis in 2009.

Last week, Keppel Corp said that its offshore and marine division slashed another 3,080 jobs worldwide in the third quarter, including 660 in Singapore. In total, the division has cut about 8,000 jobs in the nine months through September, and more layoffs are expected due to the persistent global oil glut. Earlier this month, Singapore Press Holdings announced after a review of its core media business that it would trim its current workforce of more than 4,000 by up to 10 per cent over the next two years.