The mood amongst Singapore's workforce is paradoxical. On one hand, there's renewed confidence that the Lion City offers superior career progression compared to overseas markets. On the other, nearly one in four working professionals are bracing for a recession within the next six months. This isn't just economic whiplash—it's the reality of navigating a labour market caught between resilience and uncertainty.
Fresh data from YouGov's Singapore Consumer Sentiment Tracker, released this week, reveals a workforce grappling with competing forces: optimism about local opportunities versus anxiety about economic headwinds, generational divides in job security perceptions, and a widespread recognition that standing still is no longer an option.
Around 44% of Singaporeans believe the country provides stronger career growth opportunities compared to just 18% who see better prospects abroad. That's more than a 2:1 ratio in favour of staying put—a vote of confidence that shouldn't be dismissed lightly, especially when global uncertainty has made overseas relocations riskier propositions.
But here's where it gets interesting: the generational split is substantial. Gen Z workers are leading the charge with 56% expressing bullishness about local career prospects. Meanwhile, almost a quarter of millennials (24%) reckon their best opportunities lie beyond Singapore's borders. This divergence isn't just philosophical—it reflects fundamentally different experiences of Singapore's economic evolution and varying appetites for global mobility versus local security.
For high-earning professionals reading this, the question isn't whether Singapore offers opportunities. It clearly does, as evidenced by the economy's robust 3.9% year-on-year growth in Q1-Q3 2025, significantly outpacing the Ministry of Trade and Industry's upgraded forecast range of 1.5% to 2.5% for the full year. The real question is whether you're positioned to capitalise on them, or whether you're in a sector facing headwinds.
Here's the uncomfortable truth: despite Singapore's economic resilience, only four in ten workers (40%) feel secure in their current jobs. Let that sink in. In an economy that's technically thriving, 60% of the workforce either feel insecure or uncertain about their employment stability.
The generational breakdown reveals stark differences in perceived vulnerability:
For Gen X professionals—many of whom are in their 40s and 50s, potentially at peak earning years with substantial financial commitments—this elevated insecurity is particularly concerning. These aren't entry-level workers worried about their first redundancy; these are experienced professionals questioning their staying power in an evolving economy.
The data offers granular insights into what makes workers feel protected—or exposed.
For those who feel secure, the top factors are:
For those feeling insecure, the culprits are clear:
Notice what's absent from both lists: salary levels. Job security isn't about how much you earn; it's about how defensible your role is when companies reassess their workforce strategies.
Twenty-five per cent of Singaporeans expect a recession in the next six months. That's one in four people anticipating economic contraction, despite GDP growth that continues to exceed forecasts.
This disconnect isn't irrational—it's informed by global signals. The Monetary Authority of Singapore's October 2025 Macroeconomic Review acknowledged that whilst "Singapore's GDP growth in the first three quarters of 2025 has turned out stronger than earlier expected," the "economy's pace of expansion is projected to moderate as the impact from tariffs become more apparent."
Translation: we've had a good run, but the effects of escalating global trade tensions—particularly US tariff implementations since August—haven't fully materialised yet. The Ministry of Manpower's Labour Market Report for Q2 2025 similarly warned that "global uncertainty is expected to weigh on hiring and wages, particularly in outward-oriented sectors."
The generational outlook divergence is equally pronounced:
Younger workers, who've largely experienced an expanding economy throughout their careers, remain more optimistic. Older workers, who've weathered multiple economic cycles, are more cautious.
If there's one thing Singaporeans agree on, it's that living costs will continue rising. Nearly half (46%) believe the cost of living will "definitely" increase in the next six months, whilst another 42% say an increase is "likely." That's an 88% consensus that your purchasing power will erode further.
This aligns with official projections. The MAS and MTI kept their forecast for both core and overall inflation at between 0.5% and 1.5% for 2025—relatively benign compared to recent years. However, the MAS Macroeconomic Review notes that "core inflation should edge down further in the near term but pick up gradually thereafter, as the factors temporarily weighing on inflation fade."
For high earners, low headline inflation might not reflect your lived experience. If you're consuming services (dining, healthcare, education, property management) rather than goods, your personal inflation rate is likely higher than the official figures. Numbeo's Cost of Living Index for Singapore showed an 11% year-on-year jump to 85.3 as of mid-2025, placing Singapore fifth globally and first in the region.
This matters because wage growth—whilst positive—may not keep pace with your lifestyle costs. The Ministry of Manpower reported that total employment grew by 10,400 in Q2 2025, but also warned that firms are "likely to manage slower growth by, where necessary, limiting new hires, using short work-week arrangements and moderating wage increases."
The data reveals that Singapore's workforce isn't sitting idle. Here's what people are actually doing to safeguard their careers:
29% are actively upskilling within their current industry—recognising that staying relevant requires continuous learning. This is particularly smart given that 26% of those who feel secure cite "role relevance and irreplaceability" as their primary confidence driver.
29% are exploring opportunities outside their company—hedge your bets by testing the market, even if you're not actively job-hunting. Millennials lead this charge, with 36% actively looking for new roles. This isn't disloyalty; it's career pragmatism in an age where company tenure no longer guarantees progression.
28% have either not taken any action or are still considering their next steps—notably more common among older generations, including 34% of Gen X and 47% of Baby Boomers. This passivity is risky. The labour market rewards proactivity, and waiting until you're forced to move puts you at a negotiating disadvantage.
If you're amongst Singapore's high-earning professionals, here's what this data should prompt you to think about:
1. Assess your sector's defensibility
Are you in a growth sector (healthcare, AI, green economy) or a contracting one (certain financial services subsegments, traditional retail, sectors exposed to China slowdown)? The Ministry of Manpower noted that whilst resident employment expanded in Health & Social Sciences, there were "signs of labour market softening in some outward-oriented sectors such as Professional Services and Information & Communications."
2. Quantify your irreplaceability
Can your role be automated? Outsourced to a lower-cost market? Done equally well by someone 10 years your junior at 60% of your salary? Be brutally honest. If the answer concerns you, identify skill gaps and close them aggressively.
3. Build optionality, not just specialisation
The days of pure vertical expertise being sufficient are waning. T-shaped professionals—deep expertise in one domain plus breadth across adjacent areas—have more career resilience. If you're in finance, understand technology. If you're in technology, understand business strategy. The intersections are where value compounds.
4. Stress-test your financial position
With 25% expecting recession and 88% anticipating higher living costs, now is the time to pressure-test your finances. Can you withstand six months without income? Have you diversified income streams? Are your investments positioned defensively? High earners often have high fixed costs—mortgages, school fees, lifestyle commitments—that become vulnerabilities during downturns.
5. Consider strategic moves whilst markets are still liquid
If you're contemplating a role or company change, the time to move is whilst hiring continues, not after retrenchments accelerate. The Ministry of Manpower noted that whilst retrenchment intentions remain low, they "have also edged up." Job vacancies eased from 81,100 in March 2025 to 76,900 in June 2025. The market is cooling; it hasn't frozen.
Perhaps the most striking finding is how differently generations are experiencing and responding to the same labour market conditions.
Gen Z's 56% optimism about local career prospects makes sense—they're digital natives entering a market where AI, tech, and innovation are prized. They're also less anchored to traditional career trajectories and more willing to pivot.
Millennials' split outlook (44% confident locally, 24% looking abroad) reflects their life stage: established enough to have options, young enough to relocate, but increasingly burdened by financial commitments that make risk-taking harder.
Gen X's 30% insecurity rate is the canary in the coal mine. These professionals are often in management layers that companies scrutinise during cost optimisation. They're expensive, sometimes perceived as less adaptable than younger cohorts, yet too young to retire. This is the demographic that needs to be most proactive about career health.
Singapore's labour market in October 2025 is characterised by duelling realities: robust economic performance coexisting with widespread job insecurity, optimism about local opportunities tempered by recession fears, and low inflation masking rising costs of living.
For high-earning professionals, the strategic response isn't panic—it's calculated action. The 29% actively upskilling have the right instinct. The 29% exploring external opportunities are hedging intelligently. The 28% doing nothing are playing Russian roulette with their careers.
The YouGov data tells us that confidence is not uniformly distributed—it accrues to those in stable sectors, irreplaceable roles, and organisations with strong fundamentals. If you don't fit that description, the time to change your positioning is now, not when economic uncertainty crystallises into actual contraction.
As the MAS noted in its October review, "risks around the growth and inflation outlook remain." For workers, that's not just an economic forecast—it's a call to action.
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