Career & Education
Recession and Retrenchment – You are not alone
By Dr Wealth  •  December 18, 2020
After 12 years in aviation, I left the secure nest of an industry that I was familiar with to join Dr Wealth. My timing was fortuitous as just 6 months after the career switch, COVID-19 hit and Aviation became one of the worst impacted sector with job losses and pay cuts affecting almost everyone across the industry. This story is not unique to Aviation. Just last month, Robinsons announced the closure of its last 2 stores in Singapore. This follows on the heels of closure news from Bakerzin, Topshop, Esprit and many other familiar businesses that have folded since the COVID-19 crisis hit. Despite the phased re-opening of the economy, unemployment rates and retrenchments are still on an uptrend. Advanced estimates released by Ministry of Manpower for 3Q 2020 indicated that overall unemployment deteriorated by another 0.2% to 3.6% in September 2020, surpassing that of the high of the Global Financial Crisis (GFC). Resident and Citizen unemployment rates are also close to hitting GFC highs at 4.7% and 4.9% respectively.
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By Dr Wealth
Dr Wealth provides trusted financial education to individuals. We teach researched and actionable investment methods so that our graduates are successful in their investment journey and achieve market-beating returns.
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