Malaysians working in Singapore may lose their jobs through retrenchments and lay offs in the next coming few months as the country is hoovering into recession.
That is the advice of Malaysia’s HR Minister, Datuk Dr. S Subramaniam who is asking Malaysian citizens in the neighboring country to prepare for the worst.
All is not well at the moment as data released by the Singapore’s Ministry of Trade and Industry indicated that Singapore will be the first country in Asia to slump into technical recession.
Like many other countries, the economy is not looking too good for Singapore and this potentially can lead to job loss and increase in unemployment. There are currently some 300,000 Malaysians working in Singapore, which represent about 30% of the overall foreign workforce in the country. The 300,000 figure is made up of professionals, skilled and unskilled labours working in various industries including manufacturing, banking and finance, services, IT and oil and gas.