Singapore Launches Economic Resilience Taskforce, Responding to External Trade Risks
Singapore has initiated the Economic Resilience Taskforce (SERT) to navigate challenges from recent U.S. tariffs and changing trade dynamics.
Why it matters: The taskforce aims to bolster Singapore's economic resilience amid a downgraded GDP forecast of zero to two percent for 2025, due to external trade risks.
Led by Deputy PM Gan Kim Yong, SERT unites government, business, and labour to provide immediate support and long-term strategies. The taskforce announcement video encourages Singaporeans to ‘find opportunity in adversity’.
Structured collaboration: SERT focuses on three main areas.
Real-time data gathering: Ensures responsive alignment with industry needs. The aim is to foster regular three-way dialogue among the government, businesses, and employees by providing real-time updates on the evolving situation.
Adaptation strategies: Helps businesses and workers navigate immediate challenges through refined support schemes.
Long-term growth: Explores new markets and boosts competitiveness to maintain Singapore's global hub status.
The adaptation group represents the tripartite partners - the Manpower Minister Tan See Leng (Government), the NTUC's Ng Chee Meng (Unions), and SNEF's Tan Hee Teck (Employers). The group aims to raise awareness of existing programs (such as the new Jobseeker Support Scheme) and enhance current measures or develop new ones as needed.
Political context: Launched ahead of Singapore’s May 2025 general election, SERT highlights the ruling party's focus on effective governance amid economic transitions and aims to reassure investors of Singapore’s stability.
Actions for Employers
With heightened government attention on employment for Singaporeans in impacted industries, Employers should ensure compliance with regulatory requirements under the Fair Consideration Framework.
Employers can expect increased sensitivity around retrenchments; exercise appropriate communication and collaboration with unions who hold relationships in your workplace.
Consider how workplace flexibility measures can be used effectively to maintain or create employment opportunities in your workplace.
Michelle Swinden
Executive Director, Asia-Pacific, HR Policy Global
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