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SINGAPORE: The declining economic numbers are worrying, say labour leaders. They are concerned about the severe fallout that the downturn will have on job losses this year.
The manufacturing sector in Singapore has been one of the hardest hit, declining by 9 per cent in the last quarter of 2008 over the same period in 2007.
Labour leaders said electronics was one area where they have seen the first big wave of job cuts.
NTUC Deputy Secretary-General, Halimah Yacob, said: "For example, in the last few months, in the unionised sector, at least 1,000 workers have lost their jobs... and in a couple of months, there will be at least 12,000 workers or so that will receive notice that they will be put on shorter work week, longer layoffs and longer festival shutdown."
The weaker prognosis for Singapore's economy this year is also based on the sharp contraction seen in the last quarter of 2008. Advance estimates showed that the GDP shrank by 2.6 per cent in the fourth quarter of 2008, compared to the same period the previous year.
Anecdotally, it may appear some Singaporeans are not too worried yet. Labour leaders like Madam Halimah Yacob said this may be due to the year-end euphoria and the time lag between what is happening in the economy and how it affects a company and its workers.
Unionists said the key priority now is for them to help companies cut costs to save jobs. For this, they are also looking to the upcoming Budget to give a financial boost to the situation.
Madam Halimah said the labour movement would like to see measures that help Singaporeans in terms of job stability.
She added: "Job stability... will only come if the government is able to support companies that otherwise will face a lot more trouble. So (there would likely be) measures that will support companies to stay afloat, to be able to keep their workers, measures to continue to support training and re-training of workers, measures to support some form of financial assistance, in whatever form it may come."
Singapore's Budget Day has been brought forward to January 22.
- CNA/ir
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