You’ve been hearing about how Singapore is entering a major recession, the likes we’ve never seen before.
You’re also hearing about how businesses are shutting their doors because they cannot hold up against the Covid-19 outbreak.
But how has that affected normal Singaporeans like you and me?
Well, a new survey for the common people has finally shown up, showing exactly what the Covid-19 pandemic is doing to everyday people like you and me.
Survey Shows 4% of Companies in S’pore Has Let Go of Employees During COVID-19 So Far
Aon, the insurance broker, did a survey on 1,889 organisations around the world, including 196 companies from Singapore.
They wanted to find out what happens to the retrenchment rate, the pay cuts, the benefits and more when the Covid-19 outbreak hit.
Are you ready?
Here Are Their Findings:
Workforce:
- 4% of companies in Singapore have cut down on their workforce.
- Another 21% are considering doing so as well
- 8% of companies here in Singapore have gotten their employees to go on a Leave of Absence
- Another 21% are considering doing so as well
Pay
- About 33% of companies in the entire survey are cutting pay both voluntarily and involuntarily
- the number of companies in Singapore delaying or cancelling pay raises has increased from 8.2% (Mar) to 20.4% (Apr)
Hiring
- 30% of companies in Singapore are freezing hiring
- 6% are delaying their hiring
- 46% were more stringent and careful in recruiting, and usually hires for “critical positions” only
- 16% are still hiring as per normal
- 1% are aggressively hiring (6 in 10 companies provide essential services)
It’s Not As Bad in S’pore
Remember how they surveyed companies from around the world?
Aon reported that the situation in Singapore is marginally better than the rest of the world.
When it comes to pay cuts, Singapore’s start from the top while protecting the “rank-and-file” as much as possible.
Delaying or cancelling pay raises is also much lower in Singapore than the other parts of the world.
Most companies in Singapore also did not alter their employees’ health and benefits programs, as well as retirement accounts.
Some are even providing more sick leave, allowing sick leave to be used for serving quarantine or for their kids who are away from schools, allow flexibility in schedules and more.
89% of the companies in Singapore also pointed out that the Covid-19 outbreak has helped them accelerate their plans to try other working models like flexible hours or WFH arrangements.
If You Are One Of The Unlucky Ones Who Was Forcibly “Retired”
You might want to take a look at the various help available.
For companies who are putting their workers on unpaid leave, how about getting them to upgrade their skills instead.
You’ll be subsidised for their courses and be able to help pay them with the absentee payroll system as well.
You can find out more here.
