Holding On

Job Security in Singapore: Challenges, Influencing Factors and Strategies for Stability

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Singapore has long been recognised as a global economic powerhouse, boasting a highly skilled workforce, Sp robust trade networks and a competitive business environment. However, despite these strengths, job security remains a pressing concern for many workers in Singapore. Rapid technological advancements, economic fluctuations, and shifts in global labour markets have introduced uncertainties that were less prominent in the past.

The issue is so pertinent that Prime Minister Lawrence Wong made job security a focus of the 2025 Budget. Among the schemes introduced in the new Budget were the SkillsFuture Jobseeker Support Scheme, which aims to provide financial support of up to $6,000 over six months to workers who have lost their jobs; enhanced Workfare Skills Support (WSS), with a training allowance of up to 50% of workers' average monthly income for full-time training, and $300 per month for part-time courses for lowerwage workers aged 30 and above; expanded localised job matching; as well as support for seniors and ex-offenders.

However, even as Singapore maintains relatively low unemployment rates compared to other developed economies, employees across various industries experience growing unease over their career longevity. The recent spate of layoffs by technology companies and multinationals has only increased the anxieties of local workers. This has been exacerbated by the rise of artificial intelligence (AI), industry disruptions, global economic instability, and the shift toward gig and contract work, which have all altered traditional employment norms. These changes prompt a fundamental question: How secure are jobs in Singapore today, and what steps can individuals take to safeguard their employment?

THE GROWING ANXIETY AROUND JOB SECURITY