Financial Resilience After Job Loss in Singapore

Few sentences hit harder than “I got retrenched.” In Singapore’s costly and fast-paced economy, losing a steady paycheck can feel as if the ground has shifted beneath you. Yet, with the right strategy, what initially feels like a crisis can become a powerful opportunity for growth and resilience.

Recent trends in the labor market reflect this growing pressure. According to data from the Ministry of Manpower, the seasonally adjusted unemployment rate rose from 1.9 percent in the fourth quarter of 2024 to 2.1 percent in the first quarter of 2025. While this increase may appear modest, it underscores the rising vulnerability in sectors undergoing restructuring, such as technology and finance.

At the same time, the cost of living remains a significant concern. SingStat’s latest Household Expenditure Survey shows that the average household in Singapore spends approximately S$4,906 per month. This level of spending highlights how quickly financial strain can follow a job loss, particularly if emergency savings are limited.

To help ease this burden, government support mechanisms are in place. The SkillsFuture Jobseeker Support scheme offers up to S$6,000 over six months to eligible Singaporeans aged 21 and above who were involuntarily unemployed and earned no more than S$5,000 monthly. To qualify, applicants must have worked at least six of the past twelve months and demonstrate active participation in job search or training activities. This temporary assistance provides a crucial financial cushion during periods of transition.

With that support in place, budgeting becomes the next priority. A clear financial plan (i.e., one that tracks recurring expenses, eliminates unnecessary fees, and uses digital tools like budgeting apps or calendar alerts) can prevent small leaks from draining your savings. Staying organized is more than a habit; it is a way to regain control when the future feels uncertain.

Equally important is tapping into your existing network. In Singapore’s close-knit professional landscape, many opportunities arise not from job listings but from personal connections. LinkedIn reports that nearly 80 percent of professionals in Asia found jobs through referrals. Reconnecting with former colleagues, mentors, and online communities can open doors that might otherwise remain closed.

At the same time, managing debt requires thoughtful attention. With credit card interest rates averaging over 25 percent, even small unpaid balances can escalate quickly. Fortunately, banks such as DBS, UOB, and OCBC continue to provide relief measures like loan restructuring and repayment extensions, in line with guidance from the Monetary Authority of Singapore. Exploring these options can help preserve cash flow without compromising long-term financial health.

Looking ahead, Singapore continues to invest in workforce resilience. Budget 2024 allocated S$1.9 billion toward cost-of-living relief and skill development, with programs like the SkillsFuture Level-Up Programme offering additional support for mid-career workers. This means that those who lose their jobs today can also build new skills for tomorrow, positioning themselves for stronger re-entry into the workforce.

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Retrenchment is undeniably a setback, but it is not the end. Recovery is not only possible…it is likely. With discipline, resourcefulness, and the right tools, this chapter can mark the beginning of something even more secure, more resilient, and more aligned with long-term financial goals.

Sources: 1,2, 3, 4 & 5

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Is Bad Publicity Really Good for Business?

 

Lately, my graduate school has been making headlines, and not the flattering kind. From administrative mishaps to student complaints going viral, the institution has found itself under the harsh glare of public scrutiny. As someone who’s finishing her program, I can’t help but wonder: what does this mean for the school’s reputation? And more broadly, can negative publicity ever truly be good for business?

We’ve all heard the phrase, “There’s no such thing as bad publicity.” But how true is that in an age where Google is your storefront and public opinion forms in real time?

HOW NEGATIVE NEWS SPREADS

In today’s hyper-connected world, perception often begins with a simple Google search. Unfortunately, bad news has a longer shelf life and stronger visibility than most positive press.

Why? Negative headlines drive more clicks, comments, and shares. This user engagement signals to search engine algorithms that the content is relevant, even if it’s outdated or misleading. As a result, a single bad article can show up prominently when someone looks up your business or brand, potentially turning away would-be customers or investors.

Google’s algorithm is designed to give users the best answers to their queries. But best often translates to most engaging, not necessarily most accurate. So that two-year-old article on your company’s past HR scandal might appear higher in search results than last week’s community outreach initiative.

THE REAL COST OF BAD PUBLICITY

The impact of negative press isn’t just theoretical. A 2019 study found that the effect of negative news on reputation is three times stronger than that of positive news.

It doesn’t take much to start losing ground. One unfavorable article can reduce the number of prospective customers by 22%. If there are four or more, that loss can jump to 70%. In a competitive market, that’s the kind of damage not every business survives.

Even worse, headlines don’t have to be true or even fair to cause harm. A clickbait title or misquoted soundbite can do serious reputational damage before a company even has the chance to respond.

WHEN THE STRATEGY BACKFIRES

Public relations, when done right, is strategic and thoughtful. But not all PR is created equal.

Some companies mistakenly believe that even bad press is better than none. This is particularly common among startups or businesses trying to break into a crowded market. However, the idea that negative PR is better than silence is misguided.

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Sloppy press releases, exaggerated claims, or defensive public apologies erode consumer trust. And once trust is broken, it is incredibly hard to rebuild. Negative PR does not just hurt in the short term; it can create long-term incoherence in your brand’s identity, making it harder for the public to understand who you are and what you stand for.

WHEN NEGATIVE PUBLICITY CAN BE AN OPPORTUNITY

That said, all is not lost. Bad news does not have to mean bad outcomes if you respond well.

Handled properly, negative feedback can actually serve as a catalyst for growth. Acknowledging mistakes, taking responsibility, and showing a clear plan for improvement can help your business appear more transparent, trustworthy, and resilient.

Consider these tips when responding:

a. Be proactive. Do not wait for the story to snowball. Get ahead of it with a clear, honest message.

b. Own it! If your business made a mistake, admit it. People respect accountability.

c. Offer solutions. Lay out specific actions you are taking to correct the issue.

d. Follow through. False promises can further damage credibility. Real change rebuilds trust and improves your reputation over time.

SO IS BAD PUBLICITY EVER GOOD?

Sometimes, controversy does put a brand on the map, but that attention is rarely sustainable. A viral scandal might spike interest, but what happens when the buzz fades and all that remains is a tarnished name?

True, not all bad press spells doom. Some brands have successfully leveraged backlash into branding gold. But these are the exceptions, not the rule. For most businesses, bad publicity is just that: bad.

The smarter strategy is to aim for meaningful visibility. That means consistent, authentic engagement with your audience and a willingness to respond thoughtfully when things go wrong.

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In business, as in life, reputation is earned slowly but can be lost in a flash. The better question is not “Can bad publicity help me?” but “How do I make sure my next headline is one I’d be proud to read?”

Sources: 1 & 2

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7 Essential Tips for Launching Your Own Business

Starting a business is an exciting but challenging journey. My father and I are experiencing this firsthand as he focuses on sporting goods, while I’m building a wellness brand with balms, oils, and perfumes. The learning curve has been steep but rewarding, and strategies like connecting with customers and promoting products online have already proven effective. Within the first week, I saw a promising return on investment and even expanded my inventory to include collectible POP MART items.

If you’re thinking of starting a business, here are some practical tips that can help guide you through this journey.

#1:  EMBRACE YOUR STRENGTHS AND WEAKNESSES

Understanding where you excel and where you could use some help can make a big difference. As a new business owner, you’ll often need to juggle many tasks, from product development to customer service. Recognize your strengths, but don’t hesitate to seek help or learn new skills for areas where you may lack expertise.

#2: BEGIN WITH A SIMPLE BUSINESS PLAN

A clear, concise business plan is crucial for laying out your vision and keeping yourself on track. Begin with a one-page plan outlining your goals, target customers, and products or services. As your business grows, you can expand this plan to cover additional aspects, such as marketing and financial projections. A straightforward plan will keep you focused on your priorities without overwhelming you.

#3: EXPLORE FUNDING OPTIONS

Funding is often a major consideration for new businesses. Whether you use personal savings, take out a loan, bring in investors, or apply for grants, make sure you have a plan in place. Break down costs into one-time startup expenses, like equipment, and recurring costs, such as rent and utilities. Planning for these expenses will help you maintain cash flow as you grow.

#4: UNDERSTAND YOUR TAX OBLIGATIONS

Tax requirements in Singapore vary depending on the business structure and revenue. Sole proprietors report business income as part of their personal taxes, while corporations have different rates and reporting obligations. For income over specific thresholds, such as SGD 200,000, reporting becomes more detailed. Singapore’s Inland Revenue Authority (IRAS) offers guidance and resources to simplify tax compliance, and consulting a tax professional can ensure you stay on track.

#5: REGISTER WITH CPF

If you plan to hire employees in Singapore, you’ll need to register with the Central Provident Fund (CPF) Board to manage mandatory contributions. Singapore’s Employment Act also sets guidelines on wages, hours, and leave entitlements for various types of employees, so it’s essential to stay updated on these requirements to ensure compliance.

#6: CHOOSE YOUR INDUSTRY CODE (SSIC) ACCURATELY)

Singapore requires new businesses to register under a specific industry code, known as the Singapore Standard Industrial Classification (SSIC) code. This code defines your business category and helps the government manage industry regulations. When registering with the Accounting and Corporate Regulatory Authority (ACRA), use an SSIC code finder tool to identify the right classification.

#7: RUN YOUR BUSINESS WITH PASSION

Running a business you’re passionate about can make the challenging moments more manageable. While passion alone isn’t everything, it does provide motivation and resilience, especially in the face of setbacks. Aligning your business with your interests can keep you engaged and focused on long-term success. Your customers can easily feel when you love what you are doing, and that energy can radiate.

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Starting a business requires planning, adaptability, and dedication. With a clear vision and the right strategies, you’ll be well-equipped to turn your business idea into a thriving venture.

Sources:1,2, & 3

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What to Do If You’re Stuck in a Job You Hate

We’ve all been there—stuck in a job that feels like a never-ending grind. A friend of mine has been thinking about quitting for ages but hesitates due to the high cost of living and family commitments. It’s tough to stay in a job you dislike just to stay afloat financially. I’ve been in that position too.

But you do have options. Here are some tips to handle it:

#1: IDENTIFY WHAT YOU CAN AND CAN’T DO

Take a step back and list what aspects of your job you can control versus what you cannot. This might include seeking help from your co-worker or making the most of your downtime. Knowing your limits can help you make better decisions.

#2: MAXIMIZE YOUR DOWNTIME

Remember, your job is just one part of your life. Engaging in hobbies, spending time with friends, or volunteering can offer fulfillment and lessen the pressure on your job to provide all your emotional needs. Many find that pursuing outside interests brings a renewed sense of purpose. Try pickleball or visit local museums!

#3: WEIGH YOUR OPTIONS

Assess both the positive and negative aspects of your job. While the drawbacks might be obvious, do not forget to consider the benefits—such as a steady paycheck, a structured day, workplace friendships, or a sense of contribution. For the negatives, think about possible solutions, either on your own or with your company’s help.

#4: EXPLORE NEW OPPORTUNITIES

Say that you’ve weighed your options and things in your current company are still grim. Sometimes, a change of environment can refresh your outlook. Be open to exploring new professional fields or industries. Even if you’re not ready to leave your current job, learning about different settings can help you understand what you truly want.

#5: CONSIDER FINANCIAL IMPLICATIONS

Worrying about a potential pay cut when changing jobs is common. However, a new role might offer better compensation or benefits. Salary can depend on various factors like industry, location, and your skills. If increasing your income is a priority, it’s often achievable with the right strategy.

#6: PLAN YOUR NEXT STEPS

If your job is negatively impacting your health or happiness, it may be time to plan a transition. Start networking, update your resume, and think about your next career move. Even if you do not land a new job immediately, laying the groundwork can set you up for success. In the meantime, focus on your well-being and stay connected with friends.

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Being stuck in a job you hate does not have to be your only option. By understanding your situation, weighing your choices, and taking proactive steps, you can move towards a more fulfilling career. Remember, you have the power to create a path that aligns with your needs, goals, and well-being.

Sources: 1 & 2

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Sneaky Tricks Restaurants Use to Increase Your Bill

Dining out in Singapore is an experience that blends a diverse culinary scene with sophisticated ambiance. However, have you ever wondered why you sometimes end up spending more than you planned? Well, restaurants are masters of subtle psychological and environmental techniques designed to encourage you to indulge.

Here are some clever tricks they use to make you open your wallet wider.

MENU MANIPULATION

Menus in Singaporean restaurants are often carefully crafted to guide your choices and increase spending. High-margin items are highlighted with pictures, bold fonts, or boxes around them to grab your attention. Expensive items are strategically placed next to moderately priced ones to make the latter seem more reasonable.

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Fewer choices can actually increase your likelihood of ordering high-profit items. When overwhelmed with too many options, diners tend to choose the familiar or highlighted options.

ENVIRONMENTAL INFLUENCE

The environment in which you dine significantly impacts how much you spend. Soft lighting and mellow music create a relaxing atmosphere, making diners more likely to order additional courses or drinks. Larger tables and comfortable seating can encourage longer stays and more orders. Conversely, smaller tables can make you feel cramped, potentially leading you to leave sooner and spend less.

PORTION CONTROL TACTICS

Restaurants often employ portion control tricks to maximize profit. Waitstaff are trained to suggest larger portions or additional sides, often making these suggestions sound like deals you can’t refuse. Smaller portions on larger plates can make the dish seem more luxurious and justify a higher price.

PRICING STRATEGIES

Prices are rarely rounded off, and there’s a reason for that! A dish priced at S$9.99 instead of S$10.00 makes it appear cheaper, even though the difference is negligible. This tactic, known as charm pricing, is widely used because it effectively tricks your brain into perceiving a better deal.

STRATEGIC SEATING ARRANGEMENTS

Where you sit can also influence your spending. Window seats and central locations are prime spots often reserved for larger groups or those ordering more, subtly encouraging you to spend more to “earn” the better view. Positioning the bar where it’s highly visible and accessible encourages diners to start with drinks, increasing the overall bill.

PROMOTIONAL PRESSURE

Creating a sense of urgency can drive spending. Limited-time offers and seasonal dishes create a FOMO, prompting you to order these items before they disappear. Moreover, bundling items together at a slight discount encourages you to spend more than you might have planned. Not to mention, happy hour specials and exclusive deals also contribute significantly to this effect.

SOCIAL INFLUENCE

The power of suggestion is another subtle but effective strategy. Highlighting “chef’s specials” or “most popular” dishes can guide your choices, leading you to order higher-margin items. Personal recommendations from friendly waitstaff can be hard to resist, especially if they are trained to suggest higher-profit items.

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Understanding how restaurants influence your spending can help you make more mindful choices while still enjoying the rich culinary experiences the country has to offer. Remember, being aware of these tricks doesn’t mean you can’t indulge; it just means you’re doing so on your own terms!

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