Kan Cheong About Job Security? 94% Of Employed Singaporeans Are Too
In the aftermath of COVID-19, unemployment has become a bigger possibility than ever. According to a YouGov survey published last month, 26% of Singaporean employees currently experience job insecurity (aka the fear of losing one's job), which marks a 6% increase compared to the pre-COVID era.
High-income earners (those with a household income of $8000 or more per month) are the most likely to feel secure in their jobs, with 17% of survey respondents indicating they felt "very secure" in their jobs.
Conversely, only 7% of mid-income earners (those with a household income of $4000 to $7999 per month) indicated they felt "very secure" about staying employed.
Will I still have my job tomorrow? Stress sia
Aside from fears about losing one's job, Singaporeans' stress levels over the possibility of unemployment are through the roof. 94% of employed Singaporeans are currently experiencing some level of stress over losing their jobs (kudos to the "not at all stressed" 6% who have achieved the ultimate level of #chill).
Naturally, those who feel "very insecure" in their jobs are experiencing the most stress, with 74% of "very insecure" respondents indicating that they feel very stressed. In contrast, only 17% of those who feel "very secure" about their jobs feel very stressed (Though over what, we can't fathom. Very secure already, still very stressed for what?).
Finding a new job, taking a pay cut
More than two thirds (69%) of Singaporeans believe that if they lose their jobs tomorrow, it will be difficult to find another one with similar pay and benefits. However, 41% believe that they'll be able to find a new job within 6 months should they find themselves unemployed tomorrow, with 21% believing it will take 3 to 6 months and 20% believing they'll be employed again with 3 months.
Almost half (48%) of Singaporean employees say they would be willing to take a pay cut of up to 20% to find a similar job, with 9% willing to take a pay cut of more than 40% and 18% unwilling to take a pay cut at all (Lower your expectations a bit lah bro!). Understandably, low-income earners (those with household income of less than $4000 per month) are far more unwilling to take a pay cut (25%) compared to high-income earners (12%).
If you're currently in the midst of job hunting, check out our story for some tips to make the process smoother and less stressful.