46% of Singaporeans afraid of losing jobs despite government support
Written by Jerene AngCategory: Talent Management Published: 01 June 2020
Facebook Twitter LinkedIn WhatsApp WeChat Telegram Email
With the virus hitting many economies across the globe, many Singaporeans are worried about losing their jobs despite extensive government support. This was revealed in the OCBC Financial Impact Survey for COVID-19 released today.
To measure the financial impact on Singaporeans during the global pandemic, in mid-May, OCBC surveyed 1,000 Singaporean and PR working adults between the ages of 21 and 65 across different income levels. It revealed that despite government support measures such as the Jobs Support Scheme, 46% of those surveyed are worried about losing their jobs.
A similar proportion (47%) have experienced a dip in income, such as through wage cuts, being forced to take no-pay leave or a reduction in commission earnings.
To keep their jobs and remain relevant for a post-COVID-19 world, Singaporeans are working harder than before and attending more online courses.
About half (53%) are attending more online courses than before, and 61% are working harder than before the virus hit with more than half of them doing so to keep their jobs. To make up for the dip in income as firms implement wage cuts and no-pay leave, 35% indicated that they intend to take or have taken on a second job.
Among the age groups, those in their twenties stood out for their optimism and hustle. For example, 64% of this group said they were taking up more online courses, compared to an average of 53% across all the age groups.
The survey also highlighted five key gaps in Singaporeans’ financial planning and knowledge during this crisis.
Koh Ching Ching, OCBC Bank's Head of Group Brand and Communications, added: “The COVID-19 outbreak has caused unprecedented economic impact on many people. Yet, like past crises, the current one will eventually go away. Crisis or not, good financial discipline and planning are important as they have long-lasting impact.”
To help narrow the gaps in financial planning and understanding in a crisis, OCBC Bank has launched a series of videos featuring its employees, who share their experience going through previous crises, and its Wealth and Human Resource experts, who provide tips on how to make the most out of the current one.
Written by Jerene AngCategory: Talent Management Published: 01 June 2020
Facebook Twitter LinkedIn WhatsApp WeChat Telegram Email
With the virus hitting many economies across the globe, many Singaporeans are worried about losing their jobs despite extensive government support. This was revealed in the OCBC Financial Impact Survey for COVID-19 released today.
To measure the financial impact on Singaporeans during the global pandemic, in mid-May, OCBC surveyed 1,000 Singaporean and PR working adults between the ages of 21 and 65 across different income levels. It revealed that despite government support measures such as the Jobs Support Scheme, 46% of those surveyed are worried about losing their jobs.
A similar proportion (47%) have experienced a dip in income, such as through wage cuts, being forced to take no-pay leave or a reduction in commission earnings.
To keep their jobs and remain relevant for a post-COVID-19 world, Singaporeans are working harder than before and attending more online courses.
About half (53%) are attending more online courses than before, and 61% are working harder than before the virus hit with more than half of them doing so to keep their jobs. To make up for the dip in income as firms implement wage cuts and no-pay leave, 35% indicated that they intend to take or have taken on a second job.
Among the age groups, those in their twenties stood out for their optimism and hustle. For example, 64% of this group said they were taking up more online courses, compared to an average of 53% across all the age groups.
The survey also highlighted five key gaps in Singaporeans’ financial planning and knowledge during this crisis.
- Reducing investments
Among those who have invested, one in two (54%) are worried about their portfolio, with 40% saying they intend to reduce their investments. 16% said they will reduce by more than 20%. - Stopping or reducing funds for retirement
27% of those with financial plans said they have stopped setting aside or even reduced their funds for retirement. A third (32%) of the sandwiched generation - those between the ages of 40 and 54 and many of whom must take care of both young children and ageing parents – said they have cut down on such funds. In stark contrast, 23% of those in their 20s with a retirement plan have put aside more money for this goal during this time of uncertainty. - Reducing their savings
55% of those surveyed said they have reduced their savings with 22% saying the reduction is more than 20%. - Not having enough emergency savings
Only 30% can sustain themselves for more than 6 months if they were to lose their job now. 18% of them have enough savings to cover only up to one month of expenses. - Not having enough insurance
41% are worried if they have enough insurance coverage with 47% of Singaporeans aged between 40 and 54 the most concerned.
Koh Ching Ching, OCBC Bank's Head of Group Brand and Communications, added: “The COVID-19 outbreak has caused unprecedented economic impact on many people. Yet, like past crises, the current one will eventually go away. Crisis or not, good financial discipline and planning are important as they have long-lasting impact.”
To help narrow the gaps in financial planning and understanding in a crisis, OCBC Bank has launched a series of videos featuring its employees, who share their experience going through previous crises, and its Wealth and Human Resource experts, who provide tips on how to make the most out of the current one.
