Employers express support for new recommendations aimed at keeping Singapore trusted, competitive, connected
The Singapore National Employers Federation (SNEF) will back efforts on early retrenchment notifications and shorter mandatory retrenchment notification timelines, as new recommendations call for proactive measures in navigating corporate transitions.
The SNEF said on Wednesday that it will work with the Ministry of Manpower and the NTUC to encourage employers to provide early notification of retrenchments and reduce mandatory retrenchment notification timelines.
"This will enable the newly formed Skills and Workforce Development Agency, together with the Employment and Employability Institute, to mobilise its employment facilitation services, and contribute to affected workers' swift return to the labour force," the SNEF said in a statement.
The SNEF previously expressed reservations on introducing mandatory advance retrenchment notifications, which the federation warned will have significant implementation challenges and uncertain benefits.
But to support responsible business transitions, the SNEF said it will ramp up advisory services to better advise employers on responsible retrenchment through a new Advisory, Resource, and Consultancy Centre.
According to the SNEF, smooth and quick transitions are better for employers, workers, and the economy as a whole, especially amid "more unpredictable" economic cycles.
The SNEF made the remarks as it expressed support for the recommendations of the Economic Strategy Review (ESR) committees.
The ESR's recommendations include enabling businesses to proactively navigate transitions by helping firms better understand and shift to more viable opportunities as the economy restructures.
"SNEF also supports the ESR Committees' recommendations to enable firms to restructure and transition more smoothly, coupled with strengthening transition support and the ecosystem of career and employment services," the federation said.
"We must recognise that as businesses transform, some restructuring is unavoidable and we fully support efforts to help both employers and workers navigate this transition."
Further recommendations for businesses
Other recommendations from the ESR committees include establishing Singapore as a global AI leader by driving AI adoption across the economy to lift productivity.
It also recommends positioning Singapore as a place to develop, test, deploy, and scale impactful AI solutions, as well as supporting firms and SMEs to transform and benefit from AI.
The SNEF said it supports the acceleration of economy-wide AI adoption.
"To unlock AI's transformative potential, adoption must go beyond its current concentration in larger or technology-focused firms, to cover firms of all sizes across the economy," the federation said.
"Broad-based AI adoption is critical to ensuring that our businesses can compete on the global stage which would fuel our economic growth and benefit both employers and workers."
Further recommendations from the ESR committees include:
- Establishing Singapore as a global leader in key growth sectors
- Pursuing emerging opportunities to create new growth engines
- Helping firms internationalise and connect globally
- Broadening the range of good jobs across the economy
- Empowering every worker to take charge of their career
The committees' recommendations follow months of engagement and consultations with more than 7,700 stakeholders, including trade associations, chambers, unions, businesses, and employees.
Singaporean Prime Minister Lawrence Wong said the government supports the committees' broad strategies and direction.
"The task ahead is to translate these directions into concrete actions," Wong said on Facebook.
