ST Explains: Will tech job cuts lead to broader cuts? Can laid-off workers be easily rehired?

3. What sort of premiums were paid for tech workers?

In Singapore, some tech workers saw their salary almost double when they switched jobs in 2021, compared with increments of between 10 per cent and 30 per cent in 2020, according to tech career platform NodeFlair.

In the third quarter of 2021, monthly salaries for lead engineers went up to an eye-popping $16,000, from $12,000 in the first quarter of the year. Even entry-level software engineers could command monthly salaries anywhere from $3,000 to $7,250 in the third quarter of 2021, according to NodeFlair, based on more than 5,600 data points including job listings and users’ payslips or offer letters.