SINGAPORE - Human resources professional Ray Tan spent a year breaking retrenchment news to her colleagues during the Covid-19 pandemic.

As things looked increasingly dire, she was told that her role would not be impacted. But in December 2022, she was laid off with one month’s notice.

The 37-year-old, who declined to give her real name, went on to send out more than 300 resumes, but secured fewer than 30 job interviews. After a year-long job search, she found a new role in October 2024.

“There were times when it felt like there was no end in sight (to the search), and it really took a toll on my mental and emotional well-being,” she said.

Being in a firm where restructuring is taking place would obviously be distressing, but many Singaporeans are reporting anxieties even when the top-line numbers suggest their rice bowls are not under immediate threat.

The issue is pervasive enough that Prime Minister Lawrence Wong has said it will be a focus of the Budget statement he will deliver on Feb 18. Among the themes he will cover are opportunities for skills upgrading and jobs for workers.

At a press conference in November 2024, he had noted that besides the cost of living, concerns about job security were often raised during his walkabouts.

“(It’s) not so much unemployment, because our unemployment rates are low, but concern about job security,” he said.

This reflects real concerns people have about disruptions caused by a more turbulent global environment and technological change, and worries about what their jobs will look like in the decades to come, said PM Wong.

With a general election that could be held by mid-year, these concerns are likely to weigh on voters’ minds.

That is likely why the Prime Minister has taken a personal interest in the matter, and intends to devote fiscal resources to tackling it, said Singapore Management University (SMU) law don Eugene Tan.

“Job insecurity can be the proverbial sword of Damocles that presents a clear and present danger to the ruling party,” he said.

A confluence of factors

At first glance, labour statistics do not bear out such insecurities, given that resident unemployment remained below 3 per cent in 2024, while long-term unemployment held steady at 0.8 per cent...