A very good morning to you, Brothers and Sisters! Thank you for joining us at the ESU National Day Walk 2009 this sunny Sunday morning. I hope that you and your family enjoyed yourselves during this short 1.5km Fun Walk.
This walk is not only part of our efforts to organize family-centric events, but is also organized to celebrate our nation’s 44th birthday.
We started 2009 with the worst global recession in 60 years. More than seven months have passed and as it turns out, the global downturn is even worse than the original projection of 1% to 2% that the IMF projected.
As an open economy, Singapore is very much affected by the recession. In the first quarter of this year, our GDP declined by 12.7% from the last quarter of last year. Retrenchments exceeded the 10,000 mark, higher than when we were hit by the Asian Financial Crisis in 19998. Unemployment rose from 2.5% to 3.3%.
So far, the education cluster has been spared from the massive retrenchments, shorter work-weeks and paycuts that have affected the other industries. We should also not be carried away by the rebound in the second quarter and continue to maintain vigilant about the times ahead and remain cautious.
At the workforce level, we should enhance our labour productivity potential by making ourselves more employable, multi-skilled and adaptable than workers in other countries.
On the union level, we have introduced the Education Incentive to encourage our workers to continuously upgrade and train themselves. We are also looking at increasing the scholarship budget so that more of our members’ children will benefit.
As you know, this year, ESU has been actively raising funds for our members in need through the ESU U Care Fund. The ESU Pledge Card is one of the many welfare initiatives done by the union for YOU and your family! Today, I am proud to announce that we are on our way to meeting the $10,000 collected from the pledge card.
Thank you for your generous contribution and for your continued support to the union. Do join us for our ESU 3rd Anniversary Dinner on 10 October 2009!
Happy National Day and have a great Sunday ahead!
