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Old 10th March 2009, 11:57 PM   #1 (permalink)
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Job losses this year expected to exceed 29,000, says SNEF

Job losses this year expected to exceed 29,000, says SNEF
By Asha Popatlal, Channel NewsAsia | Posted: 10 March 2009 1921 hrs


SINGAPORE: This year's retrenchment figures are likely to bust the record of 29,000 jobs lost in 1998 during the Asian financial crisis, according to Singapore National Employers Federations (SNEFs) president, Stephen Lee.

Mr Lee was commenting on a survey finding by HR firm Manpower Staffing Services where 636 employers across seven industry sectors were polled.

The survey found that 50 per cent of employers anticipate a cut in headcount, 29 per cent expect no change, while only seven per cent expect to increase staff strength in the second quarter.

On an industry basis, the survey found that the bleakest prospects are in the transport and utilities sectors, followed by public administration and education.

Hiring prospects are also weak in the trade and retail and services sectors, although quarter-over-quarter, there has been a slight improvement in the outlook for the finance, insurance and real estate sectors.

One emerging trend is more contract hiring, which gives more flexibility to employers.

SNEF has seen such numbers growing from 172,000 in 2006 to 190,000 last year and expects it to strengthen further.

SNEF says the silver lining here are the few sectors that are still hiring like the integrated resorts and start-ups, and encouraging take-up rates for training.

13,000 workers from 30 companies are taking up the national training programme SPUR.

But the job situation is likely to get worse before it gets better.

Mr Lee said: "NTUC's secretary-general Lim Swee Say had already said most likely in the first quarter, retrenchment figures will hit 10,000. So if we work on that sort of figure, then I anticipate that in the second quarter, it (retrenchment figures) will continue to escalate. I don't think we have seen the worst yet. Hopefully it will peak out in the second quarter of this year."

http://www.channelnewsasia.com/stori...414320/1/.html

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Old 11th March 2009, 12:27 AM   #2 (permalink)
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Re: Job losses this year expected to exceed 29,000, says SNEF

times are bad...

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Old 11th March 2009, 04:22 AM   #3 (permalink)
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Re: Job losses this year expected to exceed 29,000, says SNEF

anybody looking for a plan B in case anything happens to their current plan A

in health and wellness/beauty industry

can look for me

tay_yong_chuen@hotmail.com

or 91262906

be glad to arrange a date to share

only for serious people who are open mind for plan B.. =)

expanding market and huge potential for overseas and locals

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Old 11th March 2009, 04:53 PM   #4 (permalink)
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Re: Job losses this year expected to exceed 29,000, says SNEF

all these stats... lets not think too much about it, but try our best to make the best out of the worst...

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Old 11th March 2009, 04:54 PM   #5 (permalink)
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Re: Job losses this year expected to exceed 29,000, says SNEF

My frnd has just lost his job and thinking of signing on

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Old 11th March 2009, 05:05 PM   #6 (permalink)
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Re: Job losses this year expected to exceed 29,000, says SNEF

Originally Posted by Emolisher View Post
My frnd has just lost his job and thinking of signing on
wah..sign on...
haiis...
but sign on, pay is not bad leh...just that the life sucks niah...

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Old 11th March 2009, 05:16 PM   #7 (permalink)
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Re: Job losses this year expected to exceed 29,000, says SNEF

We have yet to experience the full blast of the recession yet.

It will get worse in late 09 period that is when the full impact will be felt.

Europe started feeling the recession in Aug 08, now we are just feeling what Europe felt then. The situations in Europe and US is still pretty bad.

This could be even worse that the GREAT RECESSION in 1930's!

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Old 11th March 2009, 06:21 PM   #8 (permalink)
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Re: Job losses this year expected to exceed 29,000, says SNEF

count yourself lucky if you are still able to secure your job

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Old 11th March 2009, 06:24 PM   #9 (permalink)
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Re: Job losses this year expected to exceed 29,000, says SNEF

Be prepared for the worst ahead...

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Old 11th March 2009, 06:55 PM   #10 (permalink)
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Re: Job losses this year expected to exceed 29,000, says SNEF

Originally Posted by Peuan Sanit View Post
We have yet to experience the full blast of the recession yet.

It will get worse in late 09 period that is when the full impact will be felt.

Europe started feeling the recession in Aug 08, now we are just feeling what Europe felt then. The situations in Europe and US is still pretty bad.

This could be even worse that the GREAT RECESSION in 1930's!
Is Great Depression lei.

Anyway I agree. Europe is getting hit really hard now. Switzerland's currency is being destabilized due to excessive default loans to neighboring countries, Iceland went bankrupt last year until now no country want to lend her money..

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Old 15th March 2009, 01:47 AM   #11 (permalink)
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Re: Job losses this year expected to exceed 29,000, says SNEF

Sigh. More bad news. Everyone hold on to your seatbelts!

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