More than 7,000 workers were retrenched in the first half of 2023, according to MOM. This is highest since Singapore (and the global economy) rebounded after the 2020 pandemic.
For individuals who are retrenched, it can be a devastating blow. After all, it comes off as a clear indication that your company no longer finds you valuable.
Most companies, however, look at it as simply a business decision they must make in the current circumstances. Often, retrenchments will have nothing to do with your performance or your worth.
While it is completely valid to feel angry or dejected, it is by no means a death sentence for your career. If you’ve prepared a financial safety net, you can even explore bigger and better things – without having to take up the first job that comes along.
Financial safety nets can come in various forms. Savings can help you tide over short-term cash flow needs, while investments and your CPF give you the peace of mind that your retirement will be taken care of. Education is also a safety net, as having the right skills, mindset and network can help you become retrenchment-proof.
In collaboration with Endowus, we created a comic series to highlight the importance of building financial safety nets. With strong backing, we have the confidence and peace of mind to bounce back stronger.
We can strengthen our financial safety nets with low-cost and globally diversified investment portfolios on Endowus. We can also invest our cash, CPF, and SRS savings to boost both our long- and short-term investing needs.
