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Zaqy Mohamad on striking pro-worker and pro-business balance in managing retrenchment

24:28 Min

It is not easy to manage retrenchment issues, as Singapore needs to continue achieving the right balance between the interests of businesses while ensuring that workers remain protected and well supported during the difficult period of disruption. Senior Minister of State for Manpower Zaqy Mohamad, who said this in reply to MPs’ questions in Parliament on Tuesday (Oct 15), stressed that trust and shared understanding among the tripartite partners are key for Singapore to manage this balance well so that it remains pro-worker and pro-business at the same time. “Our strong tripartite spirit will enable Singapore to remain exceptional and achieve continued economic success. This will in turn ensure that our workers get good jobs and wages for many decades to come,” he said. Mr Zaqy said the Government does not wait for retrenchments to happen before it helps workers. It works closely with its tripartite partners to develop an ecosystem that supports workers in every step of their career journey, even during disruptions. They work upstream to help companies and their workforce upskill, transform and even redesign jobs to improve talent retention, workforce productivity and wages. Workers affected by retrenchment are assisted through employment facilitation, such as career coaching. In the second quarter of 2024, more than half of all retrenched residents were able to find and secure jobs within six months of being retrenched, he said. Mr Zaqy also addressed concerns over the recent layoffs at Dyson, saying it handled the retrenchment exercise in accordance with the laws and tripartite advisories.

It is not easy to manage retrenchment issues, as Singapore needs to continue achieving the right balance between the interests of businesses while ensuring that workers remain protected and well supported during the difficult period of disruption. Senior Minister of State for Manpower Zaqy Mohamad, who said this in reply to MPs’ questions in Parliament on Tuesday (Oct 15), stressed that trust and shared understanding among the tripartite partners are key for Singapore to manage this balance well so that it remains pro-worker and pro-business at the same time. “Our strong tripartite spirit will enable Singapore to remain exceptional and achieve continued economic success. This will in turn ensure that our workers get good jobs and wages for many decades to come,” he said. Mr Zaqy said the Government does not wait for retrenchments to happen before it helps workers. It works closely with its tripartite partners to develop an ecosystem that supports workers in every step of their career journey, even during disruptions. They work upstream to help companies and their workforce upskill, transform and even redesign jobs to improve talent retention, workforce productivity and wages. Workers affected by retrenchment are assisted through employment facilitation, such as career coaching. In the second quarter of 2024, more than half of all retrenched residents were able to find and secure jobs within six months of being retrenched, he said. Mr Zaqy also addressed concerns over the recent layoffs at Dyson, saying it handled the retrenchment exercise in accordance with the laws and tripartite advisories.

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