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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.

Image Credits: unsplash.com

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

How to Convince Your Boss to Increase Your Salary

Asking for a raise can feel like walking a tightrope. It takes a mix of strategy, timing, and self-assurance. But when approached thoughtfully, it becomes empowering.

Approach your case with confidence and clarity by following these steps:

#1: DO YOUR RESEARCH

Gather solid data before bringing up the subject of a raise. Research the average salary range for your role, experience level, and location using trusted sources such as Glassdoor, PayScale, or government labor websites. You can also ask your Human Resources department for the official pay range associated with your position.

Beyond the figures, think about the value you bring to your organization. Reflect on projects you have led, challenges you have overcome, and goals you have helped the team accomplish. Collect specific examples of praise or recognition and be ready to explain why it matters to the company.

#2: CHOOSE THE RIGHT TIME

Timing can greatly influence the outcome of your request. While it is common to feel nervous about the conversation, asking at the right time increases your chances of success. Ask yourself:

a. Is the company currently in good financial health?

b. Have there been recent layoffs or budget restrictions?

c. Are there signs of growth, investment, or new initiatives?

If the business is struggling, it may be wise to wait. Moreover, ensure you have this conversation during business hours. Though it may seem natural to discuss pay during performance reviews, it is often better to schedule a separate meeting focused exclusively on compensation. This avoids mixing salary discussions with general evaluations.

#3: ALIGN IT WITH RESULTS

One of the most powerful times to ask for a raise is after exceeding your key performance indicators. Show how you have met or surpassed expectations and taken on responsibilities beyond your original job scope.

Clarify what tasks fall within your regular duties and which ones required extra effort, innovation, or leadership. Companies are unlikely to approve a raise based only on completing assigned work. Demonstrating added value is essential to making a convincing case.

#4: PREPARE A STRONG PRESENTATION

Do not rely on words alone. Visual evidence can strengthen your argument. Create a clean, organized presentation that includes: market salary research, summary of your key achievements and performance metrics, industry comparisons, as well as testimonials or positive feedback.

This shows you have done your research, understand your worth, and are serious about the conversation. Rehearse your presentation with a friend or family member until you feel confident and composed.

#5: FOLLOW-UP WITH PROFESSIONALISM

Once you have made your case, give your manager time to reflect. Compensation decisions often involve discussions with other leaders and cannot be made immediately.

If a week has passed without a response, send a polite follow-up email. Thank them for their time, restate your enthusiasm for your role, and kindly ask for an update.

Image Credits: unsplash.com

IN A NUTSHELL

Earning a raise requires more than just asking. It involves research, preparation, good timing, and clear communication. By presenting a strong case, you not only increase your chances of success but also build a vital skill in advocating for yourself at work.

Sources: 1,2, 3, & 4

Rising Career Opportunities in Singapore: In-Demand Industries for 2023

According to LinkedIn, Singapore is experiencing a growing demand for jobs that assist companies in digitizing and expanding during economic volatility. The latest data from LinkedIn’s Jobs on the Rise highlights a significant increase in hiring for growth specialists, technical positions, and healthcare professionals in Asia, indicating that these jobs are expected to continue growing throughout 2023.

It’s important to note that employers and clients have diverse needs, which can influence the demand for different types of jobs. Occupations in high demand offer excellent potential for career growth, better income, and job security compared to less popular jobs. Therefore, staying informed about these in-demand jobs can help you effectively plan your career and develop the necessary skill set to succeed in your desired field.

1. USER EXPERIENCE DESIGNER

Despite the challenging macroeconomic conditions that led to waves of tech layoffs in Southeast Asia last year, such as those experienced by GoTo Group in Indonesia, Sea Group and Carousell in Singapore, the demand for tech workers remains strong. Experts predict that this year will serve as a transitional period for the tech industry, with a potential return to more normal hiring levels. Anchal Chhabria, a representative from LinkedIn, remains optimistic and states that the overall demand for tech workers remains robust, with individuals transitioning to new positions both within and across the industry.

User Experience (UX) Designer

National average salary: $5,194 per month

Primary duties: UX designers focus on improving the usability of systems, which may involve enhancing aesthetics and website navigation. They work in collaboration with UI designers to develop digital products that fulfill user needs while providing a pleasant and engaging experience.

2. CUSTOMER SERVICE REPRESENTATIVE

National average salary: $2,569 per month

Primary duties: Customer service representatives play a crucial role in building and maintaining positive customer relationships. They achieve this by answering inquiries and providing guidance on various aspects of a company’s products or services. Many organizations prioritize hiring customer service representatives as they typically serve as the initial point of contact between the business and the customer. Responsibilities may include generating sales leads, answering phone calls, maintaining records of customer interactions, and adhering to communication guidelines and policies.

3. HUMAN RESOURCES SPECIALIST

National average salary: $3,083 per month

Primary duties: Human resources specialists are experts in managing the human resources functions of a company. They may be responsible for maintaining employee records for performance reviews and can recruit, train, and provide support to employees.

Image Credits: unsplash.com

4. COPYWRITER

National average salary: $3,720 per month

Primary duties: Copywriters are skilled writing professionals who create content for various purposes, such as marketing or educational materials. They collaborate with marketing and public relations departments to develop effective marketing materials, and they meet with clients to understand and convey their brand voice and message to the target audience.

5. DATA SCIENTIST

National average salary: $7,406 per month

Primary duties: Data scientists possess expertise in statistical programming and analytical skills to collect, analyze, and interpret large datasets. They utilize various data visualization techniques to present information and offer suggestions or develop solutions based on data analysis.

By keeping yourself informed about these in-demand industries and their associated jobs, you can strategically plan your career path and cultivate the necessary skills to excel in your chosen field.

Sources: 1 & 2

Discussing salary: The pros and cons of disclosing your earnings to coworkers

You’ve just been hired for a new job.

You’re out for drinks with coworkers one day and the topic of salary comes up. You’re not sure how to approach the topic.

Sounds familiar?

In this article, we will explore the pros and cons of disclosing your salary among your colleagues. We will also provide some tips on how to handle the situation if you do choose to divulge this information.

The pros of disclosing your salary

First off, it can help break the ice and create a more open and candid working environment. It can also help build trust among colleagues, as they will know that you’ve nothing to hide.

Disclosing your salary can also help you learn more about what others are making, and whether or not you’re getting a fair deal. And finally, it can give you some leverage when it comes time to ask for a raise.

The cons of disclosing your salary

Let’s be honest—sharing your salary with your colleagues can be a little bit dangerous. You never know who might use that information against you.

For example, if you’re asking for a raise and your colleague knows how much you’re making, they might use that information to try and undercut you in salary negotiations.

You also run the risk of creating tension among your colleagues if you’re earning more than others. It can be demoralizing for your teammates to know that you’re making more, more so if it’s for similar positions.

What to do if you’re asked about your salary by a colleague

Image Credits: shrm.org

Well, first of all, understand why they’re asking.

There could be a few reasons: they might be curious, they might want to get a sense of how much they could make if they switch jobs, or they might just be nosy.

No matter the reason, it’s not always easy to disclose your salary. You might feel like the company is undervaluing you since you’re not being paid enough. Or on the flip side, you could be satisfied with your salary and not want to divulge that information.

Ultimately, it’s up to you whether or not you want to share your salary with your colleagues. If you do decide to disclose your earnings, be prepared for possible backlash.

How to deal with feeling underpaid or disconnected from colleagues financially

Consider how you feel about your salary.

If you’re feeling underpaid or disconnected from your colleagues financially, then disclosing your salary could make you feel better.

It can be empowering to know that you’re earning more than someone else in the same role as you. But also mind the opposite if it’s true.

There are pros and cons to disclosing your salary to your co-workers. On the one hand, you may feel more comfortable knowing that everyone is on the same page. On the other hand, you may worry that others will judge you—or even try to take advantage of you—if they know how much money you make. Before disclosing your salary, weigh the pros and cons and decide if it’s right for you. If you do decide to disclose your salary, be sure to stay strong in the face of possible criticisms or judgments.

7 Financial Commandments for Your Thirties

Hitting your thirties signify that you are halfway to retirement. After establishing a financial foundation in your twenties, it is up to you to use the following decade of your life to build and protect your wealth.

Whether you want to purchase a flat or to travel the world, these seven financial commandments can help you stretch your dollar.

#1: YOU SHALL LEARN SELF-CONTROL

Throughout your childhood, your parents or teachers taught you to practice self-control. The sooner you learn the importance of delayed gratification, the better off you will be. Applying self-control makes it easier to stay on top of your finances.

Select consciously spending cash rather than swiping your credit cards. Credit cards are convenient, but you must pay your bills on tip to maintain a good credit score. Do you really want to pay interest on a pair of jeans or a box of cereal? Think about it.

#2: YOU SHALL GET YOUR INSURANCE IN ORDER

Let us face it! You are not getting any younger. You need to sort out your health insurance, life insurance, and other policies. Considering a life insurance is prudent, especially if you have people depending on you.

#3: KEEP ADVANCING IN YOUR CAREER PATH

Developing your skill set occurs in your twenties. In your thirties, you will need to apply these skills to increase your earnings. Start by researching potential career paths and identifying companies where you can fit in. If you have the resources, you can go back to school to further your studies. Alternatively, you can take free online courses to boost your career.

#4: YOU SHALL INCREASE YOUR EMERGENCY FUND

The pandemic highlighted the importance of keeping an emergency fund. Having an emergency fund can help cushion the financial blow of unexpected events. If you started an emergency fund in your twenties, you followed the standard rule of keeping at least six months’ worth of your expenses.

Image credits: unsplash.com

As your income increases in your thirties, you should also boost the balance in your emergency fund and take your family in consideration. Make it a habit to save money and to pay yourself first!

#5: HONOR YOUR PAYCHECK

Stop spending your entire paycheck in less than a month! Live within your means and do your best to save a portion of your paycheck to propel your future. Gradually increase the amount you save while decreasing the amount from which you live off.

Use the 60-80% of your income to fulfill your needs and allocate the remaining 20-40% of it to your savings and investments. Transferring the money automatically to your savings ensures that you will not be tempted to use it.

#6: YOU SHALL WRITE YOUR WILL

Do you still think that you are invincible? Try waking up in your thirties after a night of heavy partying! Protect the people you love by writing a will. Without one, others will have the power to decide how to split up your estate and how to raise your children.

#7: YOU SHALL NOT COVET THEY NEIGHBOR’S THINGS

As you reach your thirties, you may find yourself in a place where you tend to compare your accomplishments to your peers. Scrolling through your feed can highlight the milestones that your friends have reached such as purchasing a flat or getting married. You can admire your neighbors’ new car or new job. However, you do not need to stretch your budget to keep up with them. Doing so will ruin your finances.

Focus on your financial goals, live within your means, increase your savings, and do your best to be content. Acknowledge your inner strengths and use it to succeed!

Sources: 1 & 2

The pros of disclosing your salary

The cons of disclosing your salary

What to do if you’re asked about your salary by a colleague

How to deal with feeling underpaid or disconnected from colleagues financially

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