READ: Singapore’s 'bazooka' stimulus to cushion COVID-19 pain, but recession still on the cards: Economists
Foreigners will make up more than half of the retrenchments, they said, given that the Government’s financial support is targeted at saving jobs for locals.for the month of April, as announced in the Solidarity Budget, may not be enough for many firms to retain their foreign workers. He noted that despite Government support packages, unemployment rates have risen during past crises on the back of more retrenchment exercises and firm closures.75 per cent wage support for local employees in AprilThis “may be insufficient to dissuade retrenchments should the turnaround of economic conditions take much longer than expected”, Mr Gan said.
More pain now or more deaths. Biz shld deal with and apply the circuit break