How to cope if you are retrenched, News Update: CNA 29 July 2020: Singapore jobless rate hits 2.9%, highest in more than a decade; retrenchments double, Trusted Advisor

News Update: CNA 29 July 2020: Singapore jobless rate hits 2.9%, highest in more than a decade; retrenchments double

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As reported, total employment, excluding foreign domestic workers, fell by 121,800, more than four times the decline in the first quarter. This brought the total employment decline since the start of 2020 to 147,500.

If unfortunately, you are involved in the 147,500, DO NOT PANIC!!!

Allow yourself at most 1 week to be depressed, to feel helpless, to feel angry, to feel disappointed. Let your negative emotions flow out, do not allow these negative feelings to pent up.

Believe me, the first thing you do in this one week of ‘allowance for negative feelings’, you will be cursing and swearing at the company that let you go, the supervisors that hand you the ‘retrenchment letter’. And you will realise that you keep asking ‘Why me?!!!” “Its a Pandemic! how to find another job?!!”

Do feel free to let it all out in private or talk to someone that is close to you, your family, your loved ones.

The Next Step

The next step after this one week of ‘allowance of negative feelings’, is to do some self-reflection. Self reflection on your past achievement, reflection on things that you could have done better, reflect on your strength, your passion and your values in life.

The faster you go into the mode of self reflection, the faster you can find some footing to restart.

In the process of self-reflection, also re-look harder into your personal finance. Specifically your level of savings and your level of commitment. For your mortgage and your car-loan, talk to the banks to apply for deferment of mortgage payments. If successful, it will at least alleviate some of your financial stress temporarily. Review with your family if your need to move to a smaller home, drive a smaller car.

Next, expand your network, go talk to friends, attend a course that you like (better if it can be fully sponsored by Skillsfuture Credit). Learn something new, something that interests you.

And, go do some exercise, keep yourself healthy!!! With a healthy body and mind, you will ready yourself for the next chapter.

Go into jobsearch websites, go talk to the recruiters, to have a feel of what kind of jobs are available in the market. Adjust your expectations, contract work is also another option that you might want to consider.

Keep going for interview!

Believe me, I truly understand how you feel.

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