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Better GDP numbers belie uneven labour market across industries

Lim Hui Jie and Samantha Chiew
Lim Hui Jie and Samantha Chiew2/14/2022 5:30 PM GMT+08  • 8 min read
Better GDP numbers belie uneven labour market across industries
Can you expect a pay raise this year, with the economy on the way to recovery? Well, it depends on the industry you work in.
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Workers look forward to the end of the year, of­ten not just for the holidays but also for the pay increases and bonuses, depending on the company’s performance for the year.

But in the last two years as the Covid-19 pandemic dominated headlines, badly hit companies have been forced to freeze hiring and retrench workers while oth­er firms struggle to stay afloat.

Andrew Tjioe, managing director of Tung Lok Restau­rants (2000), says Covid-19 is by far the worst his company has faced — far worse than the outbreak of severe acute res­piratory syndrome (Sars) in 2003. The company was forced to retrench 200 workers and cut salaries across the board. “With the several on-and-off restrictions last year, our busi­ness was really hurt and if we didn’t do anything, I would not be here speaking to you.” he says.

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