SINGAPORE: Labour chief Lim Swee Say said on Monday tripartite partners are confident that unemployment and retrenchments levels in Singapore will remain low.

He said the partners have worked well together and that retrenchment levels will not cross the 29,000 mark seen in 1998.

Unemployment levels will also not cross the 4.3 per cent seen in 2003 during the SARS period.

However, Mr Lim cautioned that it is not time for celebration just yet.

"It's not the time to be complacent because the next two or three years (are)... not going to be any less challenging," he said. "The world has to get out from the global inflation... (and) recession.

"Unfortunately we are now into a period of global unemployment. And in this period of global unemployment, the only way for us to ensure that unemployment remains low, and employment remains high... is to be competitive as an economy and yet at the same time be inclusive as a workforce."

- CNA/yb