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SINGAPORE: The Nationwide Trades Union Congress (NTUC) and the Singapore Nationwide Employers Federation (SNEF) collectively issued a stark warning to staff and companies about an impending difficult 12 months forward.
The cautionary assertion emphasizes the influence of disruptions to worldwide commerce and world provide chains. Staff face a heightened threat to job safety, with retrenchment figures doubling in latest months.
NTUC’s annual survey on financial sentiments revealed that an alarming 40 per cent of two,000 respondents concern potential job loss throughout the subsequent three months. This represents a major improve in comparison with the earlier 12 months’s survey, the place solely 25 per cent expressed comparable issues.
In tandem with job safety anxieties, staff are grappling with the rising value of residing, additional exacerbated by stagnant or declining wage development. Sectors significantly susceptible to those financial headwinds embody electronics, oil and gasoline, chemical substances, and meals manufacturing.
SNEF President Robert Yap burdened the necessity for employers to proactively provoke transformative measures to navigate the challenges posed by disruptions. He acknowledged that adapting and staying aggressive within the face of uncertainties can be essential for companies to climate the storm.
In response to the looming labour disaster, the labour motion introduced a collection of assist measures for affected staff. These embody complete coaching applications, monetary help, and upskilling initiatives for these displaced.
It additionally goals to introduce versatile work preparations particularly designed to assist caregivers and older staff throughout these making an attempt instances.
As Singapore braces for financial turbulence, we hope the preemptive measures and assist mechanisms initiated by the Authorities-linked organisations can mitigate the opposed results of the present headwinds and foster resilience throughout the workforce.
The publish NTUC warns staff and employers of the difficult 12 months forward appeared first on The Unbiased Singapore Information – Newest Breaking Information
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