Over 80% of AmCham Singapore members retaining workers amid pandemic
SINGAPORE, NNA – Over 80 percent of American businesses in Singapore are retaining their workforce despite a headwind from the COVID-19 pandemic, a recent survey found.
The annual manpower survey of the American Chamber of Commerce in Singapore, to which 127 senior executives from member companies responded, showed that 76 percent of them are staying the same and 7 percent are expanding and hiring more workers.
The largest foreign business group representing nearly 600 companies in Southeast Asia’s financial hub conducted the poll between April 20 and May 10.
Of the 127 respondents, 66 percent comprised multinational corporations and 34 percent small and medium enterprises. Those from the service sector make up 76 percent and manufacturers the remaining 24 percent, it said.
According to the preliminary findings, about one in 10 AmCham members in services is looking to expand during this time while approximately one in 20 in manufacturing is looking to do the same, the chamber said in a press release on Tuesday.
The respondents mostly praised the Singapore government’s quick reaction to the novel coronavirus outbreak in the city-state. The poll shows that 83 percent said budgetary support helped them retain workers during an economic storm from the contagion.