P.R. Venkat
Dow Jones Newswires
Singapore Minister for Manpower Gan Kim Yong Wednesday said that layoffs during the first quarter of 2009 is likely to have crossed 10, 000.
“The labor market will remain weak for quite some time,” Gan said in a speech delivered at the May Day awards.
He, however, said that his ministry is confident that Singapore is well- positioned to weather the downturn as the country’s economic fundamentals remain strong and the S$20.5 billion fiscal package will help in creating opportunities and jobs.
“There will be at least 45,000 jobs created over the next two years,” Gan said, adding that initiatives like the Skills Program for Upgrading and Resilience will help the country fight the downturn.