Most Singapore firms have started freezing hiring and slashing benefits in light of an energy crisis trigged by the US-Iran war, according to a recent poll conducted by the Singapore National Employers Federation (SNEF).
The poll of 210 companies found that 96% of the employers are experiencing higher operating costs, with one in five reporting cost increase by 25%, as per the poll released Monday.
Meanwhile, 41% reported a moderate increase of 11% to 25% hike in costs.
Manpower was flagged as a key concern by more than half of the respondents, according to the poll.
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