In recent times, Singapore has witnessed an influx of individuals in their mid-40s to 50s seeking alternative career paths, particularly as financial advisors. These are people who have dedicated over a decade to their current employment or mid-career switchers aiming to secure their nest egg while preparing for retirement. Many among them harbor uncertainties about their retirement prospects, lacking confidence in their ability to retire comfortably. Surprisingly, some of these candidates earn well over $20,000 per month but live in constant fear of potential job loss.
These concerns are not unfounded, given the backdrop of economic uncertainties, fears of inflation, and the looming possibility of a recession during these trying times. The need for financial stability and a robust retirement plan is clearer now than ever, and the statistics affirm this trend. A study published by The Singapore Business Review in 2022 showed that about 58% of Singaporeans are planning to look for a new job.
Singapore boasts a renowned job market with consistently high employment rates. Nonetheless, like any other nation, Singapore is not immune to the issue of joblessness, and the difficulties encountered by those without work in this city-state can indeed be distinctive. This essay endeavors to delve into the multifaceted nature of being unemployed in Singapore, shedding light on the underlying causes, resulting implications, and potential avenues for resolution.
Causes of Joblessness in Singapore
Joblessness in Singapore can be attributed to several factors:
Economic Fluctuations: The Singaporean economy is highly susceptible to global economic trends due to its export-oriented nature. Economic downturns, such as the 2008 financial crisis and the COVID-19 pandemic, have led to job losses in various sectors.
Industry-Specific Challenges: Certain industries, like manufacturing and retail, are more susceptible to job cuts during economic downturns. Automation and technological advancements can also displace workers in traditional sectors.
Skills Mismatch: A skills gap exists in Singapore, where available jobs may not align with the skills and qualifications of the workforce. This mismatch can lead to unemployment, especially among older workers.
Discrimination: Some job seekers may face discrimination based on age, gender, ethnicity, or nationality, making it harder for them to secure employment.
Foreign Workforce: The presence of a large foreign workforce in Singapore can sometimes lead to job competition for locals, especially in lower-skilled sectors.
Consequences of Joblessness in Singapore
Being jobless in Singapore can have far-reaching consequences:
Financial Strain: Without a source of income, individuals and their families may struggle to meet their financial obligations, including housing and healthcare costs.
Mental Health Issues: Prolonged joblessness can lead to anxiety, depression, and a loss of self-esteem. The stress of job searching and financial instability can take a toll on mental well-being.
Skills Erosion: The longer a person remains unemployed, the more their skills and qualifications can deteriorate, making reemployment more challenging.
Social Isolation: Joblessness can lead to social isolation as individuals may withdraw from social activities due to the stigma associated with unemployment.
Impact on Family: Unemployment can strain family relationships, as financial difficulties and emotional stress can lead to conflicts within the household.
Solutions and Support Systems
To address joblessness in Singapore, the government and various organizations have implemented several measures:
Job Training and Upskilling: The government offers various training programs and initiatives to help individuals acquire new skills and transition into industries with higher demand.
Job Placement Services: Public and private employment agencies assist job seekers in finding suitable employment opportunities, matching their skills and qualifications.
Wage Support: Wage subsidies and workfare programs help to incentivize employers to hire and retain older and lower-skilled workers.
Mental Health Support: Singapore has recognized the importance of mental health and provides counseling services and support groups for those struggling with unemployment-related stress and anxiety.
Safety Nets: Singapore’s social safety nets, including unemployment benefits and government assistance programs, provide financial support to those in need.
Government Grants for those who are retrenched
There are a number of grants available to jobless Singaporeans, depending on their individual circumstances.
COVID-19 Recovery Grant
The COVID-19 Recovery Grant provides temporary financial support to lower- to middle-income employees and self-employed persons who experienced involuntary job loss, no-pay leave, or significant income loss due to the pandemic’s economic impact.
To be eligible for the grant, you must:
Be a Singapore Citizen or Permanent Resident
Have lost your job or been placed on involuntary no-pay leave for at least 3 consecutive months
Have experienced a significant income loss of at least 50% for at least 3 consecutive months
The amount of the grant is up to $700 per month for 3 months for employees and up to $500 per month for 3 months for self-employed persons.
ComCare Interim Assistance Scheme
The ComCare Interim Assistance Scheme provides immediate financial assistance to lower-income individuals or families who require urgent and temporary financial relief.
To be eligible for the scheme, you must:
Be a Singapore Citizen or Permanent Resident
Be residing in Singapore
Have a household income that is below the ComCare Assistance Means Test (AMT)
The amount of assistance you receive will depend on your individual circumstances.
SGUnited Mid-Career Pathways Programme
The SGUnited Mid-Career Pathways Programme caters to experienced mid-career individuals aged 40 and beyond who are seeking a career change. Eligible candidates will have the opportunity to join a host organization, allowing them to acquire valuable industry-specific skills and practical experience. These attachments typically span a duration of four to six months.
Other Government Grants
There are a number of other grants available to jobless Singaporeans, depending on their individual circumstances. These include:
SkillsFuture Credit: A S$10,000 credit that all Singaporeans aged 25 and above can use to upgrade their skills
Workfare Training Support Grant: Provides financial support to workers who are attending training courses to upgrade their skills
Career Transition Assistance Programme: Provides financial support and other assistance to workers who are laid off to help them find new jobs
To find out more about the grants that are available to you, you can visit the SupportGoWhere: https://supportgowhere.life.gov.sg/ website or call the ComCare Contact Centre at 1800-222-0000.
Job Portals in Singapore
Here are some of the most popular job portals in Singapore:
JobStreet Singapore JobStreet is one of the most popular job boards in Singapore, with a large database of jobs and resumes. It offers a variety of features, including job alerts, career advice, and interview tips.
Indeed Singapore Indeed is another popular job board that offers a wide range of jobs in Singapore. It also offers a variety of features, such as salary estimates and company reviews.
MyCareersFuture Singapore MyCareersFuture is a government-run job portal that offers a variety of resources to help job seekers find jobs in Singapore. It includes a job board, career guidance, and skills training programs.
LinkedIn LinkedIn is a social networking site for professionals. It can be used to find jobs, network with other professionals, and learn about new career opportunities.
Glassdoor Glassdoor is a website where employees can anonymously review their employers and salaries. It can be a helpful resource for job seekers to learn more about companies they are interested in working for.
Other job portals in Singapore:
When choosing a job portal, it is important to consider the following factors:
The types of jobs that are listed on the portal
The features that the portal offers, such as job alerts, career advice, and company reviews
The ease of use of the portal
The reputation of the portal
It is also a good idea to use multiple job portals to increase your chances of finding a job. Joblessness in Singapore is a multifaceted issue with economic, social, and psychological implications. While the city-state has taken significant steps to address unemployment through skills training, job placement services, and support systems, challenges persist. It is essential for Singapore to continue its efforts in adapting to changing economic conditions, reducing skills mismatches, and promoting inclusivity in the job market to ensure that no one is left behind in this dynamic and competitive society.
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You can also explore the latest industry insights, articles, and valuable tips to being a financial advisor in Singapore. Our track record of helping individuals launch successful careers as financial advisors speaks for itself.
Whether you are considering embarking on your journey as an insurance agent or an accomplished financial advisor seeking a fresh environment to groom your own team, we are here to guide you toward becoming a successful financial advisor and leader.
Don’t let your dream of becoming a successful financial advisor in Singapore remain a dream. Take the first step toward a rewarding career today! Contact us for more information on how we can help you achieve your career goals in the world of finance.