Companies are grappling with high business operating costs, he said.
SINGAPORE – Workers’ Party chief Pritam Singh has used his May Day message to reiterate his party’s call for insurance for retrenched workers to better protect and more strongly safeguard workers’ interests.
Singaporean workers “may have become pessimistic even with full employment” against the backdrop of companies’ cost-cutting measures that have dominated headlines in 2024, added Mr Singh, who is the Leader of the Opposition. “If large companies and multinational corporations with deep pockets are finding it unsustainable to operate in Singapore due to the cost of doing business here, small and mid-sized enterprises will be feeling more pressure,” he said.DPM Wong had instead suggested that the benefits be “appropriately sized”, while funded by the Government under an expanded SkillsFuture system, to help tide retrenched workers over their immediate difficulties.
Apart from introducing an insurance scheme for retrenched workers, Mr Singh said, the Government should also give SMEs more support in non-wage areas, given that the cost of doing business in Singapore has become a “significant pressure point”.
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