How Singapore Tech Layoffs Are Impacting Indians
NDTV
Technology companies around the world and in Singapore are freezing hiring or downsizing in the face of sluggish consumer spending, higher interest rates and inflation.
Meta, the parent company of Facebook, has announced it was laying off about 11,000 employees, or 13 per cent of its global workforce. It's the first mass redundancy exercise for the 18-year-old social media behemoth.
Its Asia-Pacific headquarters in Singapore was not spared. Media reports speculated that out of the estimated 1,000 employees in Singapore, perhaps up to 100, have been affected, majority of whom are tech workers including software engineers.
Based on the 2021 Singapore Ministry of Manpower figures, about a quarter of the 177,100 employment pass holders or around 45,000, are from India. Employment pass holders are the highest qualified foreign professionals that are allowed to work in the country and must earn at least SGD 5,000 ($3,700) per month.
No doubt many of these are impacted by not only Meta's layoffs but also other redundancies happening in the tech sector.
