‘I saved 11 months of salary’: Singaporean workers share how they are bracing for sudden layoffs  - Singapore News

SINGAPORE: Many employees, particularly those working in the tech industry and customer service roles, have been feeling rather anxious after a wave of AI-driven layoffs swept across both major corporations and smaller businesses.

It is no longer just a prediction. It has become a very real threat to people’s livelihoods, and the worst part is that it can happen at any time.

You could head into the office in the morning, go about your day as usual, and by the afternoon find yourself being told that your role is no longer needed.

In some cases, it is even more abrupt, with workers receiving an email first thing in the morning informing them that they are among the thousands being laid off.

With retrenchments becoming more commonplace, many Singaporeans are now bracing themselves for the possibility that they, too, could one day be affected.

In a Reddit discussion, several users shared how they have been preparing for the prospect of being laid off.

The user who started the thread wrote, “Personally, I have 11 months of my take-home salary saved up just in case.”

Another individual shared that fears surrounding layoffs had pushed him to make major lifestyle changes. He sold his car and, together with his wife, decided not to have children.

“Granted I have not been laid off before, but I will say minimising your commitments is the number one thing you should be doing,” he said.

A third user revealed that she has started building multiple sources of income as a safety net.

“I’m doing side hustles at the side now, so if/when the time comes, hopefully I have something to fall back on.”

Meanwhile, another Singaporean said he had essentially gone into full survival mode. According to him, he invests 70 per cent of his salary every month, avoids lifestyle inflation completely, and continues living with his parents to save on rent.

He also shared that concerns over financial stability ultimately affected his relationship, as he chose to remain “single and childfree.”

He said, “We broke up already. Save myself and my parents first. How to think about marriage or kids when your company is doing layoffs nearly every quarter? Being able to support my parents and myself is already an accomplishment. No point hanging on and then [dealing] with the helplessness of [being] unable to provide for 2 sets of elderly parents, AND young kids 2 years down the road.” 

“God forbid all those additional costs, such as car, helper and enrichment classes. Not even life insurance payouts will be enough at that point. Worst part is by then you don’t even have the choice of giving up if you are a responsible adult, as you have your parents and young kids totally dependent on you.. gave up on my BTO but it is what it is..”

Another commenter shared that he had been preparing for nearly a year by actively searching for job opportunities while maintaining a sizeable emergency fund. 

“Been preparing for almost a year now, I keep actively looking for roles and keep an emergency fund, 6 months salary or about 2-3 years expenses runway.”/TISG

Read also: ‘It’s a matter of survival’: Singapore man in his 40s turns to gig work after layoff to pay bills

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