Singapore’s workforce is a key reason why multinational corporations (MNCs) invest in Singapore. INSEAD's 2023 Global Talent Competitiveness Index ranked Singapore’s workforce as the most competitive in Asia and the second most competitive globally.
Companies, including MNCs, may choose to close or reduce their presence in Singapore for various reasons, such as changes in market dynamics leading to poor performance by the firm, or shifts in the company’s global strategy leading to changes in their operating structure. In such situations, the Government works closely with the companies and unions to assist the retrenched workers with skills upgrading and job matching.
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