International Business & Economy Yee Jenn Jong, Calvin Cheng caution to prepare for storm ahead

Yee Jenn Jong, Calvin Cheng caution to prepare for storm ahead

Calvin Cheng mentioned that the following groups of people could potentially lose their jobs: 40 to 65-year-old PMETs and those working in retail, tourism and F&B

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Both the Workers’ Party’s (WP) Yee Jenn Jong, and former Nominated Member of Parliament (NMP) Calvin Cheng cautioned Singaporeans about the “storm ahead”.

In a Facebook post on Tuesday (Aug 11), Mr Cheng wrote that “Singapore, like the rest of the world, has entered its worst recession in a generation. Millions around the world will lose their jobs. The impact of this is just beginning to be felt on the ground, because Governments around the world have been supporting jobs with massive Budgets”.

He specifically mentioned that the following groups of people could potentially lose their jobs: 40 to 65-year-old PMETs and those working in retail, tourism and F&B.

Mr Cheng advised that people should cut their expenses, raise their savings, prepare their CV/Resume, network, actively look for opportunities and learn new skills.

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“Don’t stick your head in the sand like an ostrich hoping the storm will pass you. It will not pass. Now is the time to prepare for the worst”, he wrote.

In the same vein, Mr Yee shared Mr Cheng’s post and wrote: “The storm will indeed be worse than we think. I am not sure how many are aware that the Jobs Support Scheme is due at the end of this month (August 2020), unless extended by the government. The last payout to companies will be in October. However, that will only be for salaries paid till August”.

“The retrenchments and company closures will get worse. Some sectors are hardly affected (a few even benefitted), many are affected in the short to mid term, and some sectors may be permanently altered”, he added.

Advising that people prepare a good CV, Mr Yee said, “Brace for more storm ahead. May we find a vaccine or cure sooner”. /TISG

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