Retrenchment Started today

[touchring1]

Yes, work in MNC don't be too serious, just pass day by day until pay day, no need siao on, when come to retrenchment no one remember how hard you work

Same as everything in SG, don't be too serious. Especially with property, rules can change. Don't overcommit.

 

[DragonFire]

I would recommend that you take up a gig job immediately and make sure that you earn enough to cover your minimum expenses without dipping into your savings.

Yeah. Be careful of the ill fate that befalls folk who suddenly come into a lot of money. Treat that "windfall" as non existent and resist spending it for anything unnecessary. Not even having a nice dinner. The first one will turn into another, and yet another.

 

[highsulphur]

start own business and upskill in something that don't need an employer.


Read HWZ Forum Rules!

Please don't. Not everyone is suitable to start a business

 

[highsulphur]

I have been working in this company for 25 years and am officially retrenched today.

Should I be happy or sad? I am above 50 and currently is tough for me to find a job as I only have a poly diploma.

Any advice?

Sorry to hear that. Must be a difficult situation. I have been through it twice. Once in my 30s and another in my 40s.

Firstly you need to understand it's not your fault. Such things can happen to anyone at any age.

Second, take a break. You have worked for 25 years. You deserve a break.

Third, assess your financial situation. Your expenses and liabilities vs your savings. Your retrenchment package is tax free. Plan how to use it

Ask questions here and we will try to answer

 

[highsulphur]

Are retrenchment benefits tax free?

Yes

 

[NightGhost]

Retrenchment already facts then try to find another job lor

 

[ramlee]

After slogging for 25yr,its time to enjoy abit..gve ur a month break..life not just work work

but work gives marnee
and life needs marnee

 

[ramlee]

Retrenchment already facts then try to find another job lor

where got so easy?

 

[Dividends]

Retire early if possible.

 

[douce]

Not bad to last 25 years, it's a feat by modern standards. Just relax first compose yourself and think about the next step.

 

[wahlaneh]

If your kids are already in uni then no problem la. Else maybe take on some easy jobs like admin work at office still keep you active and wont kill your brain cells

 

[paperplane1943]

if u never self exclude go casino, i would strongly suggest you should!

 

[highsulphur]

One thing to note is that you are no longer on company medical coverage. If eligible, go get chas card to min future medical cost

 

[ramlee]

very good some company pay 13 month only with 2 week = 1 year.

i worst, rast time i only got 1 week for every year of service capped at $5k

 

[highsulphur]

Think TS went for holidays already!

 

[ramlee]

One thing to note is that you are no longer on company medical coverage. If eligible, go get chas card to min future medical cost

they very smelly huan, they will look at your rast year's income tax returns. Means TS get only get the blue chas card in year 2027

 

[highsulphur]

I have been working in this company for 25 years and am officially retrenched today.

Should I be happy or sad? I am above 50 and currently is tough for me to find a job as I only have a poly diploma.

Any advice?

Did you work at Miramir?

 

[mickey88]

Looks like long winter coming

 

[Level42]

Didn’t know retrenchment benefits are not taxable. At least IRAS is kind here.

The 50+ year-old diploma holders are often better qualities than some younger graduates today, since there was only one university during their time. Some parts of the civil service might recognize this, but MNCs would likely be clueless.