Singapore (Commonwealth Union)_ The global layoffs by multinational companies have finally reached Asia. Following the big techs Meta and Twitter, Google and Spotify also plan to layoff employees in Singapore. As a result, there are concerns that middle- and upper-level jobs in the city-state, which is home to several corporations, would be cut next. However, according to the minister, technology will still continue to support the growth of the country’s economy.
Large IT and e-commerce companies are laying off employees, which will have a significant impact on Singapore’s labor market. This is the result of years of unplanned, unrestricted growth, notably in human resources. Singapore has always been a pioneer in emerging technologies and their application, serving as a hub for several high-tech endeavors. The nation was unable to escape the global layoffs of huge IT firms, where Microsoft, Amazon, and others cut at least 60,000 jobs in January 2023 alone, and 160,000 last year.
Google’s parent firm Alphabet and Spotify also revealed their layoffs in the city-state, while Meta and Twitter have previously done so. Most employees fear that middle- and upper-level positions with significant pay might be eliminated next. In the second half of 2022, IT companies in Singapore laid off 1,270 resident staff, up from 260 in the first half of the year. At the opening of a tech talent training program, Josephine Teo, Minister for Communications and Information, reaffirmed the government’s commitment to promote investment, training, and employment in this crucial economic sector, despite the bleak picture.
According to Minister Teo, despite the challenges faced by the sector, technology will continue to underpin the growth of economies, especially the green economy and achievement of sustainability goals. Teo added, “The government itself continues to believe that investing heavily in reskilling and upskilling Singaporeans for career opportunities in tech is not only the right thing to do, but also a significant investment to provide opportunities for Singaporeans.”
