SINGAPORE: A Reddit user appeared to be particularly worried about the current job market, which they claimed to be bad around the world, and particularly so in Singapore.
In their Jan 14 (Wednesday) post on r/askSingapore, they added that they’ve heard some people say that the job market today is worse than it was during the financial crisis of 2008.
This prompted them to ask the ones who had been around during that time if this was true.
“Any seniors who have gone through the financial crisis back then and have also searched for a job recently, who can shed light on the matter? Is the job market really that worse than it was in 2008?” they asked.
One commenter zeroed in on the jobs moving out of Singapore, which, for them, is particularly concerning.
“A few years ago, people were very confident that companies would regret moving their headcount to neighbouring countries… Now it’s obvious that it’s the trend moving forward. My company has retrenched and frozen hiring here for the last 2 years, but they are hiring massively in KL, BKK, and Indonesia.
We know that things are bad when we go for trade shows and network with other players in our industry, and all those roles that used to be handled by a Singaporean is now replaced by a foreigner, such as marketing, sales, and technical roles.”
A Reddit user from the United States wrote that he’s noticed that the situation is similar in Singapore.
“In 2008, the downturn was worse if you worked in construction, finance, or real estate, or if you were highly leveraged or dependent on credit. But outside of those sectors, most average jobs weren’t hit that hard.
Now it feels very different. The groups being hit hardest are tech, media, design, marketing, film and TV, academia, publishing, consulting, junior lawyers, entry-level graduates, and mid-career professionals. Even bars, restaurants, and hospitality are struggling.
Like Singapore, there are too many people with credentials and a huge number of out-of-work MBAs. Internships are cut. Junior roles are automated or consolidated. Entry-level jobs demand three to five years of experience. Training budgets are gone. Mentorship is gone. 2008 was nothing like this.”
“In terms of the absolute number of people retrenched, 2008 was much worse. But for 2008, it was a collapse in demand for goods and services. So when the demand came back, people found jobs again. This time, the demand is there. But they don’t need YOU to do the job. Either the job can be done by AI or outsourced to a lower-cost country. Even if demand for goods and services goes up, WE are not needed to fulfil that demand,” a commenter wrote.
Others, however, simply disagreed, with one writing, “Is it worse than 2008? I don’t think so. Most people I see right now still have jobs. Wait till the financial market starts crashing, then you will realise the job market now can get worse.
Is it the worst job market ever? Most certainly, 100% far from it. 1997 AFC and till the period of 2003 will make this current job market look like a picnic.”
One wrote, “It’s not even close to being as bad as 2008.”
And when asked how things were during that time, another answered, “University graduates were fighting for retail and FnB positions.”
“Honestly, the job market has always been ‘terrible’. Even during COVID, it was ‘terrible,’ and ppl had to stay in their jobs. But data showed otherwise when provided. Just apply and wait,” another argued.
“The data did show that the job market is improving, but if you were to observe more closely, the employment for fresh graduates is declining over the years. So for the majority, it’s good, but for fresh grads, we are indeed in a tough spot right now. Only in June 2025 did the rate go up,” one pointed out. /TISG
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