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Business Times
16 hours ago
- Business
- Business Times
Singapore's new grant signals the need to adapt to tariffs, not just ride them out
[SINGAPORE] Announced in April, suspended till July, then postponed to August, with sectoral variations on the way – the rollercoaster of US President Donald Trump's tariff threats hurtles onward, with no clear end in sight. Even as talks continue over so-called 'reciprocal tariffs' and sector-specific ones, countries and companies are prepared for an inescapably changed trade landscape. If nothing else, the US shows no intention of lifting the global 10 per cent tariff that it has imposed unilaterally. This dual stance of negotiation and preparation was clear in last Thursday's (Jul 10) press conference by the Singapore Economic Resilience Taskforce, set up in April in response to Trump's tariffs. Deputy Prime Minister Gan Kim Yong is heading to the US later this month for trade talks, with a focus on the Republic's pharmaceutical exports. In the meantime, a grant for tariff-affected businesses is in the works. To be launched by October this year, the aim is not to provide relief. Rather, it is to support businesses to 'adapt to the new tariff environment', as stated in a media release. The grant's long-term orientation reinforces a warning that political leaders have repeatedly made: The world has changed. Trump's tariff crisis is not just a passing bout of turbulence that companies can ride out, but part of a more fundamental shift in global dynamics. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Meanwhile, the grant's focus on adapting – with its very name being the Business Adaptation Grant – underlines the need for companies to not simply buckle in for a rough ride, but actively change in pursuit of better prospects. Businesses that export or have overseas operations, and are affected by tariffs, can tap the grant for advisory in free trade agreements and trade compliance; legal and contractual issues; and supply chain optimisation and market diversification. Meanwhile, manufacturers can get support for 'reconfiguration costs', such as costs associated with logistics and holding inventory. Not small change The grant will provide co-funding of up to S$100,000. While the sum may seem modest to some, it is far from negligible for small and medium enterprises (SMEs) – arguably its target audience. Indeed, the grant allocation will be 'more generous' for SMEs, as Manpower Minister Tan See Leng noted at the taskforce press conference. Beyond the practical aim of providing support, the grant may also play a persuasive role. First, the grant is being introduced in October and will be valid for two years. This two-year window is to provide 'some form of reassurance for businesses that, should there be a protracted period of negotiations, it would cover that length', said Dr Tan. But it also suggests, therefore, that the government sees a risk that negotiations might take that long – implying two years of tariff uncertainty. Secondly, the very fact that a grant is being introduced should suggest – not least to SMEs – the importance that the government places on such action. Granted, other government schemes have been underutilised before, such as SkillsFuture credits for individuals to get trained. The government's sense of urgency may not always be shared by the intended audience. But if nothing else, the specificity of this grant should dispel any lingering illusions that companies can simply wait passively for the tariff storm to pass. Larger companies, that can afford their own risk and compliance teams, have undoubtedly been making their own calculations about how to respond to the trade environment. The upcoming grant is a clear push for SMEs, too, to take action.
Daily Mirror
5 days ago
- Business
- Daily Mirror
Millions of workers risk being replaced by AI - but which jobs are safest?
The rapidly growing use of artificial intelligence is set to radically change the way of work - with some roles much more at risk than others as new research reveals the safest jobs Lorry drivers, chefs and cleaners are among the most AI-safe jobs, research suggests. Paid carers, teachers and shop workers are also less likely to be replaced by artificial intelligence, according to analysis by recruitment giant Manpower. But while they may be AI-proof - for now - they are threatened in other ways, from different technologies, squeezed budgets, and changing habits. The findings come amid predictions that the AI revolution will radically change the way of work, with winners and losers. Its arrival is already having a big impact, with a recent report showing the number of entry level jobs has slumped by a third since OpenAi's chatbot software ChatGPT was launched in late 2022 Jobs website Adzuna said AI's use has dented firms' demand for graduates, apprentices and internships. Other roles seen as most at risk include data entry staff, computer coders and software engineers, administrators, customer service, and proof readers. Forecasts on the number of workers whose jobs could eventually be replaced by AI vary greatly. Investment bank Goldman Sachs predicted in 2023 that the equivalent of 300 million full-time jobs worldwide could go. Meanwhile, think tank the IPPR says up to eight million UK jobs were at risk, with women and young people most in the firing line. The stark predictions are likely to prompt people to think about how they can 'future proof' themselves, whether by becoming AI savvy or focusing on roles less likely to be replaced by the technology. Goldman Sachs estimated that over 46% of administration tasks would be impacted, but just 6% when it came to construction. That is backed by research last year by Adzuna which found plumbers and carpenters were among those with the least to fear. Manpower's analysis, for the Mirror, found the most 'safe' jobs from AI were lorry drivers, teachers in generals as well as those working in special educational needs, shop workers and supervisors, and cleaners. Others in strong demand include care assistants, chefs, teaching assistants and support workers. Anna Spaul, ManpowerGroup's director of data innovation and insights, said some firms were beginning to use AI in the hiring process. 'There is definitely a case for using AI to sift through applications,' she added. Ms Spaul said companies were increasingly looking for applicants who already have AI know-how. But she stressed there were vital skills people have over the technology, including 'emotive intelligence, empathy and all the great things that come with being human.' Research by accountancy giant PwC last month found wages are rising twice as quickly in industries most exposed to AI. And despite the jobs market cooling, it says demand for workers skilled in AI continued to rise, with some of the biggest in financial services and healthcare. Adzuna's list of jobs safest from AI ranged from big paying roles such as oncologists, paediatricians and judges, to midwives, mechanics, therapists and crane drivers. Rival website Indeed also has a list of the jobs least likely to replace by generative AI, an enhanced version used to create new content which can feel like it has been made by a human. The top 10 includes drivers, nurses, vets, building workers, plus those in childcare, and making food. Most at risk include software developers, accountants, human resources, and those working in the media, communications, and marketing. However, the list also throws up questions. For instance, retail workers are at risk from shop closures due to higher costs and online competition, while there is talk of self-driving lorries even replacing truckers at some stage. Manpower's Ms Spaul predicted that, in future, the success of a company may not be judged purely by how many staff it takes on. 'It won't be the only measure,' she said. 'That is something over the next 10 years that will be really interesting to follow. Going back to 2022, we were dealing with jobs where there was less than one person vacancy, and now there is a surplus. But projections and predictions have limit at the moment because of the pace of change.'
The Star
6 days ago
- Business
- The Star
Singapore to launch new grant for companies, expand support for workers amid US tariff uncertainties
SINGAPORE: Singapore companies will be able to tap a new grant to help them adjust to the new tariff environment, announced the Singapore Economic Resilience Taskforce (SERT). The Business Adaptation Grant, to be launched by October 2025, will be capped at S$100,000 per company and requires co-funding by firms, Minister of Manpower Tan See Leng said as the taskforce provided an update of its work so far on Thursday (July 10). SMEs will receive a higher level of support, while larger companies will be eligible for a smaller quantum. More details will be announced in October. Dr Tan said the grant will support two broad groups of businesses. For firms that export to or operate in overseas markets, it will cover advisory services related to free trade agreements, trade compliance, legal and contractual matters, supply chain optimisation and market diversification. For businesses with local or overseas manufacturing operations, the grant can help to defray reconfiguration costs such as logistics and inventory-holding expenses. Dr Tan noted that it would not be possible for the Government to cover every aspect of business operations or reach every firm with local, regional or international exposure, but the grant has been structured to differentiate between small-and-medium enterprises (SMEs) and larger firms. 'SMEs will receive more generous support, as they account for about two-thirds of Singapore's workforce, with a significant proportion being Singaporeans,' he said. The July 10 press conference was attended by Deputy Prime Minister Gan Kim Yong, who chairs the taskforce; Minister for Digital Development and Information Josephine Teo, who also serves as Second Minister for Home Affairs; and Minister for Manpower Tan See Leng, who is also Second Minister for Trade and Industry. Also present were NTUC secretary-general Ng Chee Meng, Singapore National Employers Federation (SNEF) president Tan Hee Teck, and Singapore Business Federation (SBF) chairman Teo Siong Seng. The meeting comes as US President Donald Trump continued to fire off letters to countries, informing them of their new tariff rates. Singapore has not received the letter. Other Asean neighbours such as Laos and Myanmar were told to expect 40 per cent. Deputy Prime Minister Gan Kim Yong said that Singapore is one of the top investors in several countries across the region. He cited the example of Suzhou Industrial Park in China, where the Republic is a major investor. But with the world's second-largest economy now facing significant headwinds due to the global tariff situation, some Singapore firms with operations there may need to reconfigure their supply chains to remain competitive in both practical and compliant ways. 'These are our companies' investments overseas, and therefore it is important to make sure that they continue to survive and do well,' he said. It is also crucial for these firms to remain profitable, DPM Gan added, as this strengthens the strategic value of the Republic's business ecosystem and creates more jobs in Singapore, whether in finance, legal services, R&D or manufacturing. 'So that's why it's important for us to have this regional and global perspective, not just a Singapore company doing business in Singapore,' he said. On the job market front, NTUC secretary-general Ng Chee Meng said that young job seekers currently face four key 'gaps' as they transition into the workforce - skills, expectations, opportunities, and experience. For example, some of them feel unprepared to take on roles in fast-evolving areas such as environmental, social, and governance (ESG), and have asked for targeted upskilling not just in industry-relevant technical skills, but also in soft skills. Others are also concerned about job opportunities amid global instability, as well as the impact of AI on job availability and the nature of work. Many employers also prefer candidates with prior industry experience, which puts first-time job seekers at a disadvantage. 'We will try our best to highlight existing tools that we have and the programmes that are in the works,' said Ng. SNEF president Tan Hee Teck said that most employers are taking a cautious approach to workforce-related 'movements'. Around 70 per cent have either planned or made workforce adjustments, including team reorganisations, hiring pauses and prioritising upskilling and reskilling to future-proof their organisations, he said. 'To help alleviate cost pressures and drive transformation, we strongly encourage employers to tap on the SERT's enterprise and work force support measures,' said Tan. Still, there are silver linings in the job market. Dr Tan noted that employment rate for the 2025 graduating cohort stood at 51.9 per cent as at June, a four per cent increase from the 47.9 per cent recorded in June 2024. Vacancies for entry-level jobs have also remained steady. For example, there are currently 2,400 immediate vacancies suitable for fresh graduates in the public sector, including roles for engineers and software developers. These are available on the Careers@Gov portal, with more opportunities to be found at a public service career fair in August. Dr Tan noted that as at March 2025, there were 1.64 job vacancies per unemployed person, with about 70 per cent of these vacancies suitable for residents, largely concentrated in expanding or growth sectors. According to the Ministry of Manpower's (MOM) finalised data in its Labour Market Report for the first quarter of 2025, the number of job vacancies stood at 81,100 in March, up from 77,500 in Dec 2024. The proportion of employers intending to raise wages in the next three months also rose slightly, compared with the pre-tariff period in April and May 2025, added Dr Tan. Dr Tan said the SkillsFuture Jobseeker Support Scheme had benefited about 2,200 involuntarily unemployed citizens between April and June. He added that the number of applications for the scheme has stabilised. Still, the Government will expand support for jobseekers, with more career guidance services that workers can access through the Government and NTUC's Employment and Employability Institute, he said. The Government will also provide temporary enhanced funding for basic certification to help human resource professionals better support employers in managing their workforce amid a volatile economic environment. In his closing remarks, DPM Gan said it is important to plan ahead and take action to ensure that Singapore's economy continues to grow and remain relevant globally. 'Our focus remains very clear, which is to protect livelihoods, strengthen our resilience, and keep Singapore moving forward,' he said. - The Straits Times/ANN
Straits Times
22-06-2025
- Business
- Straits Times
askST Jobs: What to do when you are passed over for a promotion in favour of a new hire
Learn all you can from your new boss as you chase a second wind. ST ILLUSTRATION: LEE YU HUI askST Jobs: What to do when you are passed over for a promotion in favour of a new hire Manpower correspondent Tay Hong Yi offers practical answers to candid questions on navigating workplace challenges and getting ahead in your career. Get more tips by signing up to The Straits Times' Headstart newsletter. Q: I was passed over for promotion in favour of an external hire. Can I still hope for career progression? A: Many factors go into being promoted, so being passed over does not necessarily reflect your capability or potential, says Ms Aishah Jamall, senior consultant for commerce contract at recruitment firm Robert Walters Singapore. 'Instead of viewing the external hire as a competition, it could be an opportunity to reflect and identify areas where you can continue to grow,' she adds. 'What's more important is to always stay focused, seek clarity and further invest in your growth.' In today's rapidly changing landscape, where speed of transformation is critical, external candidates with relevant experience may be better positioned to execute initiatives quickly, notes Ms Linda Teo, country manager at ManpowerGroup Singapore. 'In contrast, an internal candidate may need time to develop the specific skills required for the new role.' Moreover, external hires can be seen as a way to allow a team to benefit from a different leadership style or ensure team members are supervised more objectively, unclouded by bias, Ms Teo adds. Ms Aishah notes: 'It's not always about who's better, but more about... complementing what's already there and helping the team move forward.' She adds that while it is natural to feel emotional and consider leaving after being passed over for a promotion in this context, it is often not prudent to resign right away. 'The existing team should take the opportunity to have an open conversation with their manager to understand why an external hire was brought in.' Team members passed over for the promotion can help secure their career progression by getting to know the external hire and understanding how he or she works, Ms Aishah suggests. 'This helps you see how their approach might differ from yours and gives insights into what might have worked in their favour,' she says. That said, employees should not give the impression that they are trying to appeal or argue against the decision to hire a new leader, even as they seek feedback, Ms Teo notes, adding: 'Apart from speaking to their manager, it may also be helpful for individuals to speak with a trusted colleague to gain another perspective. 'Employees are advised to maintain professionalism and a positive attitude with the new leader and their colleagues, as it is often beneficial for their long-term career trajectory.' She also encourages aspiring leaders to take initiative, contribute to the team and demonstrate a collaborative mindset. 'Demonstrating leadership through influence – such as mentoring peers, leading initiatives or contributing to team success – may also help build credibility and visibility. 'Additionally, gaining exposure to cross-functional teams or regional projects can broaden one's perspective and demonstrate versatility – qualities often valued in leadership roles.' Both Ms Teo and Ms Aishah suggest workers give the person who was hired to lead the team three to six months of settling-in time before deciding if he or she can be effective and whether quitting is the right option. Ms Aishah says: 'If the new leader shows signs of struggling, team members should take the initiative to seek clarity rather than jump to conclusions.' Ms Teo adds: 'This timeframe gives the leader an opportunity to understand team dynamics, align with the organisation's culture, and begin contributing meaningfully to strategic goals. 'During this time, team members can play a constructive role by offering support, sharing institutional knowledge, and helping the new leader navigate internal processes.' When deciding if quitting is viable, some points to consider include the availability of growth opportunities within the organisation, the work environment, and if there are external offers that align better with your long-term career goals, Ms Teo says. 'If, after discussion and reflection, the employee genuinely perceives limited growth potential and receives a compelling external offer aligned with their goals, making a move may be a well-considered next step.' Have a question? Send it to askst@ Check out the Headstart chatbot for answers to your questions on careers and work trends.
Straits Times
15-06-2025
- Health
- Straits Times
askST Jobs: Dispel thoughts of work after hours with these tips
Ongoing interpersonal tensions, high workloads or lack of clarity in your job can create a 'lingering cognitive load' even after work hours. ST ILLUSTRATION: LEE YU HUI askST Jobs: Dispel thoughts of work after hours with these tips Manpower correspondent Tay Hong Yi offers practical answers to candid questions on navigating workplace challenges and getting ahead in your career. Get more tips by signing up to The Straits Times' Headstart newsletter. Q: I find it hard to let go of work outside of office hours. What strategies would be helpful? A: Both personal factors and those related to the work environment can give rise to this feeling, says Dr Al Au, an organisational psychologist. 'Some people tend to prioritise work excessively or define themselves primarily by the work they do,' says Dr Au, a senior lecturer with the National University of Singapore. They may also worry about losing their jobs if they think they cannot meet work demands or if they do not perform well enough, or if they are perfectionists, he adds. Ms Natasha Mitter, a therapist with Talk Your Heart Out, an online and face-to-face therapy platform, says poor stress-regulation skills or the use of work to avoid personal stressors, such as relationship issues, can also contribute to the difficulty of letting go. The inability to let go could also come with the weighty sense of duty associated with your role at all hours, if, for example, you are a leader or caregiver, she notes. Additionally, ongoing interpersonal tensions, a high workload or a lack of clarity in your job can create a 'lingering cognitive load' even after work hours. Ms Mythili Devi, a counsellor with mental health platform Intellect, notes that the rise of remote and hybrid work makes it even harder to fully switch off as physical cues that once signalled the end of the working day, like leaving the office, have disappeared. 'Cultural or organisational norms may also play a role, where dedication may still be equated with constant availability, subtly encouraging employees to remain responsive after hours,' she says. Ms Mitter says: 'Psychologically, it's hard to let go when work stress becomes internalised – meaning it follows you not because you're being contacted, but because your mind stays in a loop of problem-solving, anticipating or self-criticising. 'For some, the brain starts treating work stress like a perceived threat.' As the feeling sinks in further, it is even harder to relax. Dr Au suggests setting reasonable daily work targets as a good starting point to help dispel that feeling. You can also remind yourself that other than work, you have other roles in your life and you need to engage them as well, he says. Ms Devi says: 'On a personal level, it helps to establish an end-of-working-day ritual that signals to your brain that work is over. 'This could be as simple as tidying your workspace, shutting down your computer or writing down any pending tasks for the next day – a small habit that can help clear your mind and reduce anxiety about unfinished work.' Setting up a dedicated workspace can be helpful for people working from home, she adds. Ms Devi also encourages these workers to physically leave their workplace, even if at home at the end of the day, as something as simple as a short walk can help your brain switch gears from work mode to personal time. 'You can also engage in activities that bring you into the present, such as exercise, creative hobbies or spending time with family.' Ms Mitter says that instead of trying to shut down thoughts about work, it may be better to acknowledge these thoughts and find out what is exactly making you feel this way, before gently redirecting yourself away from them. 'Explore whether part of the difficulty stems from beliefs like, 'I must always be responsible' or 'rest equals laziness'. Challenging these beliefs with evidence or compassion can help.' Jotting down to-dos and concerns at the end of each day in a notebook or a note-taking app can also help the brain feel more at ease, Ms Mitter adds Says Ms Devi: 'It's important to remember that stepping back from work doesn't mean you care less; it means you're giving yourself the time and space to recharge, so that you show up with energy and focus when it matters most.' Have a question? Send it to askst@ Check out the Headstart chatbot for answers to your questions on careers and work trends.
