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Workers have so far been sheltered from the full impact of pandemic by substantial govt support
There is a limit to what the Government can do to cushion the weakening job market, said observers, who expect tens of thousands of jobs here to be cut within the next half a year, when the full impact of the Covid-19 pandemic will be felt.
Measures that have staved off retrenchments, such as the recently extended Jobs Support Scheme (JSS) that helps offset part of the wages of local workers, draw heavily on the country’s reserves, added experts, who fear the intensity of layoffs will build up for a while.
Aviation, tourism, retail, hospitality, entertainment, food and beverage, marine and offshore, and construction will be hit hard.
Their views echoed those of Deputy Prime Minister Heng Swee Keat, who in a ministerial statement on Aug 17 said that retrenchments will be inevitable despite the Government’s best efforts. He added that the JSS cannot be sustained at current levels.
Labour experts said workers have so far been sheltered from the worst economic effects due to substantial government support.
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