One week after the Budget, even GLCs are retrenching

One week after the Finance Minister announced the Budget, companies continue to retrench workers. Despite the newly-introduced Jobs Credit Scheme (JCS), which was touted as a job-saving initiative, even government-linked companies are laying off employees.

Is it too early to say whether the JCS will indeed help to save jobs? Or are employers, which include government-linked companies, more concerned about their bottomline?

 In short, does the JCS really save jobs?