{"id":115945,"date":"2020-04-29T11:41:28","date_gmt":"2020-04-29T04:41:28","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-to-face-more-job-losses-wage-cuts-mas-report\/"},"modified":"2020-04-29T14:03:04","modified_gmt":"2020-04-29T07:03:04","slug":"singapore-to-face-more-job-losses-wage-cuts-mas-report","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-to-face-more-job-losses-wage-cuts-mas-report\/","title":{"rendered":"Singapore to face more job losses, wage cuts, MAS report"},"content":{"rendered":"


\nWhile the government has rolled out a slew of aid to help workers and employers, MAS still expects retrenchment and unemployment to increase.
\nWith the local economy grappling with the fallout from the Covid-19 pandemic, the Monetary Authority of Singapore (MAS) expects to see more job losses and wage cuts as slack in the labour market increase.
\nSingapore\u2019s labour market conditions had already softened even before the Covid-19 outbreak, reported CNA citing MAS.
\nHowever, the global and local measures aimed at containing the spread of the virus led to the stoppage of various economic activities, which resulted in a sharp decline in demand for workers.
\nWhile the government has rolled out a slew of aid to help workers and employers, which include a 75% wage subsidy for companies in all sectors, MAS still expects retrenchment and unemployment to increase.
\n\u201cNotwithstanding the large financial buffer provided by the government, as well as labour market adjustments on the intensive front, the large, abrupt shock to the Singapore economy is still likely to cause retrenchments and unemployment to rise,\u201d it said in its bi-annual Macroeconomic Review.
\nCompanies that were already in weak financial position prior to the Covid-19 outbreak \u201care more likely to retrench\u201d, added MAS.
\nRelated story:\u00a0Covid-19 Home Loan Deferment: What Is It, What\u2019s the Catch and How Do I Apply for It?
\nOn industries where employment will be most severely affected, MAS pointed to industries that witnessed a \u201csudden stop\u201d due to stricter measures rolled out by the government. These include travel-related industries like accommodation and air transport as well as domestic consumer-facing services such as retail trade, food services, land transport and other personal services.
\nThe report noted that workers in retail trade, recreation and food and beverage (F&B) services are \u201cmost vulnerable\u201d to lay-offs.
\nThis comes as most of these companies are small and may face significant credit constraints, limiting their ability to hold on to their employees, it said.
\nMeanwhile, MAS expects wages, instead of employment, to \u201cbear the brunt\u201d of the negative shock in the near term.
\n\u201cAs revenues shrink, firms are likely to reduce labour costs via a combination of reductions to wages and headcount,\u201d it wrote in its 132-page report.
\n\u201cNotwithstanding the government\u2019s support measures, some firms affected by the fallout from COVID-19 may still have to undertake labour cost adjustment measures such as putting workers on shorter work weeks or no-pay leave\u2026This could occur as wage subsidies and other support may still be insufficient to cover revenue losses for some firms.\u201d
\nSome companies may also ask its employees to take pay cuts. A drop in overall remuneration within some sectors could also be seen in bonus reductions.
\nMAS expects nominal wage declines to happen \u201cswiftly and sharply\u201d within the transportation and storage as well as financial services industries, given that remuneration in these industries is highly dependent to changes in business cycle conditions.
\nTo illustrate, MAS cited Singapore Airlines, which announced significant pay cuts and compulsory no-pay leave that affected about 10,000 employees, after it slashed 96% of its scheduled capacity until the end of April.
\nThe central bank also expects significant monthly wage declines in the accommodation and food services industry, on the back of reduced working hours.
\nConsidering the high variable components in their wages, the community, social and personal (CSP) services as well as the financial services industries will \u201csignificantly\u201d contribute to this year\u2019s overall wage declines, said MAS.
\nBut elevated demand for healthcare workers and higher bonuses extended by the government to the healthcare sector would provide some support to wages within the CSP sector, added MAS.
\n\u00a0
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singapore to face more job losses, wage cuts, MAS report<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

While the government has rolled out a slew of aid to help workers and employers,...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-115945","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-ua5","jetpack-related-posts":[{"id":13164,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uk-economy-gloomy-outlook-for-workers-pay-rises\/","url_meta":{"origin":115945,"position":0},"title":"UK economy: gloomy outlook for workers' pay rises","date":"May 16, 2016","format":false,"excerpt":"\r HR industry group forecasts average pay to increase just 1.7% with retail sector warning shoppers are dwindling and EU referendum denting confidenceWorkers are being warned to expect meagre wage rises until at least 2020, as weak productivity and new costs such as the national living wage curb employers\u2019 readiness\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":116219,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/some-singapore-expats-seek-rent-cuts\/","url_meta":{"origin":115945,"position":1},"title":"Some Singapore expats seek rent cuts","date":"May 11, 2020","format":false,"excerpt":"\r Singapore expats are asking for lower rents as they face the prospect of salary cuts amid slower businesses due to the Covid-19 pandemic. Clarence Foo, a real estate agent with APAC Realty unit ERA, revealed that he has encountered seven such cases in the past month \u2013 the most\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122976,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/construction-firms-urged-to-move-decisively-away-from-labour-intensive-construction-methods\/","url_meta":{"origin":115945,"position":2},"title":"Construction firms urged to move decisively away from labour intensive construction methods","date":"November 3, 2021","format":false,"excerpt":"\r Extending permits and making it easier to obtain skills certification are two ways the Singapore government have tried to alleviate the manpower crunch. The Ministry of National Development (MND) has urged construction firms to reduce their reliance on migrant workers, as well as to \u201cmove decisively away from labour-intensive\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/11\/construction-workers-singapore.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":115674,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/covid-19-coronavirus-white-island-tours-gets-150000-wage-subsidy-for-36-staff\/","url_meta":{"origin":115945,"position":3},"title":"Covid-19 coronavirus: White Island Tours gets $150,000 wage subsidy for 36 staff","date":"April 17, 2020","format":false,"excerpt":"\r Whakatane-based business White Island Tours got $150,000 from the Government's Covid-19 wage subsidy employer scheme for 36 workers. READ MORE:\u2022 Wage subsidy complaints soar, including employer fraud - Labour Inspectorate...\r \r Source : nzherald.co.nz\/Property\r Read more...Covid-19 coronavirus: White Island Tours gets 0,000 wage subsidy for 36 staff","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115796,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/75-wage-subsidy-under-job-support-scheme-to-be-extended\/","url_meta":{"origin":115945,"position":4},"title":"75% wage subsidy under Job Support Scheme to be extended","date":"April 22, 2020","format":false,"excerpt":"\r Apart from that, employers will receive a levy rebate payout of $750 for each foreign worker in employment. With the \u201ccircuit breaker\u201d measures extended by four weeks, Deputy Prime Minister Heng Swee Keat announced on Tuesday (21 April) that the 75% wage subsidy for companies across all sectors will\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123079,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-tax-revenue-up-amid-higher-stamp-duties-corporate-and-personal-income-tax-collected\/","url_meta":{"origin":115945,"position":5},"title":"Singapore tax revenue up, amid higher stamp duties, corporate and personal income tax collected","date":"November 8, 2021","format":false,"excerpt":"\r Singapore tax revenue up, amid higher stamp duties, corporate and personal income tax collected$39.43 billion was collected\u00a0in tax revenue\u00a0for April to September 2021, up from $23.74 billion collected in the\u00a0same period in FY20. Singapore registered an increase in tax revenue for the period of April to September 2021, with\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/11\/singapore-marina.jpg?fit=820%2C411&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/115945"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=115945"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/115945\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=115945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=115945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=115945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}