Worried about being retrenched in Singapore due to your age and high salary? You’re not alone! Many Singaporeans are facing this kiasi situation, and the Reddit threads are buzzing with similar concerns. Let’s break down what’s happening and how you can protect yourself.
Current State: Older Workers at Risk
- Companies are increasingly looking to cut costs, sometimes targeting older, higher-paid employees.
“My colleague suddenly asked me whether my current salary is high but as this is a sensitive question I said no but when I look at the advertisement posted by my company, my salary is indeed on the highest side. This makes me suspect all reason for letting me go is bs.”
- Many Singaporeans fear that ageism and high salary expectations are hindering their job search.
“Been jobless since May 2024 but I had resigned voluntarily. And I am really guessing that being jobless for so long could be due to high pay expectations and ageism.”
- A Managing Director mentioned that high salary means high risk, especially for those who are not revenue generators.
Challenge: Stagnant Skills, High Expectations
- If a younger, less experienced person can easily replace you, it might indicate a need to upskill.
“No offence OP, if you can be replaced easily by a 21 yo, it is likely your role means little to the company. Unless the youngster is the founder’s son or something.”
- Older workers can face difficulties finding new high-paying jobs and may be unwilling to accept a lower salary.
“The higher a person climb, the easier for him to fall. They will find it difficult to find another high paying job and most of them are unwilling to downgrade their income”
- There’s a fear that upskilling or reskilling might not always be effective, according to some discussions.
Solution: Adapt, Upskill, Network Lor!
- Focus on continuous learning and upskilling to stay relevant in your field.
“If your job can be taken over by a fresh grad, something is seriously wrong here. Means you have stagnant all these years.”
- Build a strong professional network to increase your chances of finding new opportunities.
“Here’s the thing: when laying off happens to you, it’s almost never because of you. So instead of trying to figure out why it happens to you, moving on and just focusing on finding new job.”
- Consider diversifying your skills and exploring new career paths that align with your experience.
- Financial planning is crucial to prepare for potential job loss, especially in your 50s. Start early and build a safety net.
