Singapore firms hold off workforce changes amid high operating costs from rising energy prices: SNEF poll
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Businesses in Singapore are facing higher operating costs amid higher energy prices, but most have held off on workforce changes for now, according to a recent poll by the Singapore National Employers Federation (SNEF).The poll was conducted from April 10 toSingapore firms hold off workforce changes amid high operating costs from rising energy prices: SNEF poll
Businesses in Singapore are facing higher operating costs amid higher energy prices, but most have held off on workforce changes for now, according to a recent poll by the Singapore National Employers Federation (SNEF).The poll was conducted from April 10 to 16, and involved 153 small and medium-sized enterprises and 57 large enterprises across the manufacturing, services and construction sector.In the findings published on Monday (April 20), 96 per cent of the businesses reported facing increased operating costs due to higher energy prices.Of these, 60 per cent say they face cost increases of more than 10 per cent — with utilities, fuel, materials and supplies, and air and sea freight the often cited cost components.In their responses, businesses also highlighted that higher energy prices have a knock-on effect on their operations, such as higher costs for raw materials, supplies and logistics.Meanwhile, respondents in the hospitality, food and beverage, and retail sectors, also reported facing upward pressure on temporary labour costs as the market adjusts to the higher-cost environment. Read more
