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