Help for Employees Affected by Recent Retrenchments in Financial Services and Information and Communications Sectors

Ms Joan Pereira asked the Minister for Manpower in view of increasing retrenchment numbers in recent months, particularly in the financial services and the information and communications sectors, how will the Ministry assist affected employees, especially the younger workers and those with low savings or heavy family financial commitments.

Employers are required to and have been submitting retrenchment notices to notify the Ministry of Manpower (MOM) of any retrenchments within five working days after informing affected workers. This enables us to provide employment facilitation support to workers in a timely manner.

The Taskforce for Responsible Retrenchment and Employment Facilitation, which comprises representatives from MOM, Workforce Singapore (WSG), National Trades Union Congress (NTUC), NTUC’s Employment and Employability Institute and Enterprise Singapore, then follows up with every notified retrenchment by reaching out to the affected workers via their employers and offering them career matching services. This includes providing information kits on career resources, employment facilitation services and the Government support available for financial assistance if required. This will assist the affected workers, including younger workers and those with low savings or heavy financial commitments, to find alternative employment quickly. Based on MOM’s Labour Market Survey, in 2022, around 70% of retrenched residents were able to find employment within six months after retrenchment.

Affected workers who need help to reskill for new job roles or full-time attachments can also tap on WSG programmes, such as the Career Conversion Programmes (CCPs) and Mid-Career Pathways Programme. With close to 100 CCPs across around 30 sectors being offered, affected workers tapping on CCPs will be able to choose a programme which best fits their needs and interests.

For affected workers from lower-income households, they can continue to approach the Social Service Offices to apply for the ComCare Short-to-Medium-Term Assistance if they need help with basic living expenses.