"It is quite likely that the spike would have been sharper if not for employers and unions working hand-in-hand to save jobs through other cost-saving measures," she added.About 3,600 employers have implemented cost-saving measures since April, protecting about 150,000 jobs that might otherwise have been lost, said Mrs Teo, citing notifications submitted to the Ministry of Manpower.
Mrs Teo warned that as significant economic headwinds and uncertainty remain, many employers will face pressure to retrench workers. "Although the Government’s substantial financial aid has shielded us from the very worst economic effects at the onset of the pandemic, we must be prepared for retrenchments, cutbacks, and more difficult days ahead," he said.
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