In a recent survey conducted between December 2023 and January 2024, capturing the sentiments of 2,000 respondents in Singapore, a growing concern over job security was evident, with 40% of Singaporean workers expressing fear of losing their jobs in the upcoming three months. This marked a significant increase from the previous year’s survey, with 25% of respondents harbouring similar concerns. Further insights from a smaller poll of approximately 185 workers suggested that about a third see automation, AI, and sustainability as potential threats to their employment.
The National Trades Union Congress (NTUC) and the Singapore National Employers Federation (SNEF) have highlighted the challenging year ahead for workers and businesses. They pointed out disruptions in international trade, global supply chains, and rising geopolitical tensions as contributing factors. The joint media conference held on February 6, 2024, emphasized the need for transition support for displaced or retrenched workers, alongside more focus on financial education and upskilling and reskilling programs.
Both NTUC Secretary-General Ng Chee Meng and SNEF President Robert Yap shared a sobering outlook for businesses and employees, underlining the importance of agility and proactive planning for change. They also stressed the continued expectation of retrenchments as businesses realign structurally to new opportunities, shedding lower value-adding operations. Amid these challenges, NTUC is working on equipping workers with the necessary skills and resources to remain employable, advocating for over 1,700 Company Training Committees formed as of October 31, 2023, impacting over 123,000 workers.
As Singapore braces for a tough economic year ahead, with potential growth projected at 1-3% for 2024, the importance of addressing the mismatch between job creation and available skills is underscored. Employers are encouraged to focus on transformation and investment in their workforce to navigate the uncertainties effectively.
