Kan cheong about job security? 94% of employed Singaporeans are too

Kan cheong about job security? 94% of employed Singaporeans are too
PHOTO: Pexels

In the aftermath of Covid-19, unemployment has become a bigger possibility than ever.

According to a YouGov survey published last month, 26 per cent of Singaporean employees currently experience job insecurity (aka the fear of losing one's job), which marks a 6 per cent 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 per cent of survey respondents indicating they felt "very secure" in their jobs.

Conversely, only 7 per cent 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 per cent of employed Singaporeans are currently experiencing some level of stress over losing their jobs (kudos to the "not at all stressed" 6 per cent who have achieved the ultimate level of #chill).

Naturally, those who feel "very insecure" in their jobs are experiencing the most stress, with 74 per cent of "very insecure" respondents indicating that they feel very stressed.

In contrast, only 17 per cent 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 per cent) 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 per cent believe that they'll be able to find a new job within 6 months should they find themselves unemployed tomorrow, with 21 per cent believing it will take 3 to 6 months and 20 per cent believing they'll be employed again with 3 months.

[[nid:482474]]

Almost half (48 per cent) of Singaporean employees say they would be willing to take a pay cut of up to 20 per cent to find a similar job, with 9 per cent willing to take a pay cut of more than 40 per cent and 18 per cent 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 per cent) compared to high-income earners (12 per cent).

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.

This article was first published in Wonderwall.sg. 

This website is best viewed using the latest versions of web browsers.