Here are five things that we think you should start worrying about in light of the slowdown of the Global economy.
While Singapore’s unemployment rate is still lower than anywhere else in the world, Singaporean are still concerned about what jobs are available.
Many undergraduates are also concerned what industries they should venture into. In the last few years, instances of graduates venturing into careers that have little to do with what they have studied for are increasing.
Also, human resource experts are saying that while graduates are able to land jobs, some are underemployed as a result of circumstance or by choice.
Underemployment refers to highly-skilled people working in low-paying or low-skilled jobs.
Whilst retrenchment figures are inching up, there are still certain industries that are hiring in the current economic climate. They include local banks, aerospace and aviation industry.
Adding to the slight increase in retrenchment numbers in 2015, the economic outlook for this year doesn’t look quite good. As such, there is a need for young PMEs and workers in general to deepen their skills.
The Labour Movementhas urged the government to keep up the support for workers in their continuous learning journey through periodic reviews of the schemes under the SkillsFuture initiative.
According to NTUC Assistant Secretary General Patrick Tay, PMEs should continue to up-skill or take up a second skill, “so as to future-proof themselves. If necessary, they need to be prepared to manage their expectations as remuneration in other sectors may not be as lucrative…”
Of course, better skills leads to better jobs and of course better pay.
Many are becoming more discerning and are beginning to invest. Similarly, more and more banks and investment entities are presenting Singaporeans with more investment opportunities to make money.
Another thing that young PMEs should also be concerned about is starting a family.
The government has been doing a lot to promote marriage and parenthood.
Whilst it is daunting to start a family, the Marriage & Parenthood Package was introduced to help Singaporeans fulfill their family aspirations.
For young workers, another concern that they might have is the issue of owning their first home.
Part of the Marriage & Parenthood Package includes an existing priority scheme for first-timer applicants of new HDB flats as well as other Housing Grants to help Singaporeans finance their flat purchase.
Schemes are also in place to help married couples rent a HDB flat whilst waiting for the completion of their new flats.