May Day Message 2: Lim Swee Say- More
Waves of Retrenchment Up Ahead
Brace yourselves for more waves of retrenchment.
First quarter figures due out later this week, only signal the
first wave of lay-offs says Labour Chief Lim Swee Say.
As he thinks the global economy has yet to hit bottom,
the question is not whether there'll be a second wave, but when
Singapore will reach the peak, how high it will be and how long it
will last.
In the last three months of last year, the number of workers let
go, hit a quarterly high of 9,400.
But Mr Lim, in his May Day message, says the situation could've
been worse if not for joint efforts by the government, businesses
and unions.
As companies worldwide adopt retrenchment as the first resort,
the tripartite partners have advocated it as a last resort.
Initiatives like Jobs Credit, SPUR and guidelines for managing
excess manpower were also rolled out and they have paid off, says
Mr Lim.
From about 900 workers laid off each week during the Lunar New
Year period, the number has fallen to less than 300 per week since
then.
And when being retrenched means becoming unemployed in many
countries, in Singapore, workers get help with skills
upgrading.
In the first three months of this year, NTUC's Employment and
Employability Institute or e2i has helped about 8,000 workers to
up-skill and re-skill.
Another 4,000 job seekers have been matched to new jobs.
Looking ahead, Mr Lim says the battle against the downturn is
far from over.
Even when the rebound comes, it's not expected to be strong.
Singapore must therefore be prepared, but not disheartened.
With its strength in tripartism and a strong national reserve,
Singapore can tackle the global downturn in a uniquely pro-business
and pro-worker way.
There's no need to choose between the interests of either
party.
--938Live