Number of retrenchments last year significantly lower
than 1998: Gan Kim Yong
SINGAPORE: Manpower Minister Gan Kim Yong said the number
of retrenched workers in Singapore for the whole of last year, is
likely to be significantly lower than the record level of 29,000 in
1998.
Mr Gan told a manpower conference that the unemployment
rate of 3.4 per cent as of last September was low compared to many
developed countries, and lower than the record 5.2 per cent in
2003.
The key was tripartism, which he described as "Singapore's secret
weapon to tackle the downturn."
The positive outcome he said would not have been possible without
the trust, commitment and joint efforts among employers, workers
and the unions that represent them.
Mr Gan cautioned that while the worst is over, it might take quite
a while to see recovery spread evenly across the board. To develop
a "future-ready" workforce, Mr Gan urged companies to rethink their
business strategies and restructure their operations.
He added that the labour movement must also evolve to keep up with
the changing landscape.
- CNA/sc