Retrenchment Started today

[WarMage87]

take a break for few weeks, find part time/temp job and look for full time job. learn plumbing skill if you ok with this trade.


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Default options - Grab.

 

[WarMage87]

Don’t think so much. Just go for driving gig

Yeah, this is on everyone's mind.

 

[wulu1_69]

Default options - Grab.

Plus security guard and cleaner job

 

[asmartng]

retire . enjoy life. do some free lance job. Do what you like. invest your money.

 

[Zangief]

loyalty doesn't have any rewards sia.

 

[tshace]

Invest in SP500 ETF

 

[TUV2008]

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?

They must have given you a decent golden handshake, just take some time off to enjoy life first and leave the job hunting later

 

[Milodrink]

Congrats .Now new jobs are renewable contract, no retrenchment package at all

Yeah. And if u quit your contract job u will get interrogation WHY WHY WHY

 

[singaporean11]

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?

Assess whether you have enough to retire, or you need to find other jobs to work until 65 years old.
Below guide from DBS will be helpful to you (and please factor in 3% inflation p.a. in your calculations):

https://www.dbs.com.sg/personal/articles/nav/financial-planning/life-after-work

 

[white_prince]

Quite a lot sia.

It is already good for TS
Some company their compensation is max at 12 months and additional 1 week per year.

 

[Matthew K L O]

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?

To be honest it will be difficult to get another job even at lower salary at your age. It is ironic that the same people who say we should work till 70 are the ones refusing to hire people aged 50.

My wife was retrenched more than 15 years ago and she took her retenchment money to start a small F&B business. She has never been happier being her own boss and has been running her own F&B business todate. And it has been paying her well. But today, F&B business is tough. Many close down because of high rental and labour cost...you can hire but have to pay much higher so it affects your business cost.

Point is you might want to consider setting your own small business online or otherwise. Choosing a business you like is a bonus.

Don't splurge your retenchment money on expenses. Try to make it work for you.

Other people might give you better advice or opportunities to consider.

 

[kebinu]

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


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No, don't do this! Business is ultra competitive and costly nowadays. At 50 and with a new lump sum of money, put it in FD for 1 year even if the return is low. Take time to really consider what to do with it like winning a lottery.

 

[jerichoo]

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?

drive grab

wat so difficult ah

 

[daveteo88]

retire . enjoy life. do some free lance job. Do what you like. invest your money.

Retire invest also better dun take big risk.

 

[lalalalalala]

If have some saving might be a good time to travel abit since now you have the time. Of course if cash tight then drive grab or something

 

[Holytyphoon]

Wow I’m so envious of TS.

At 50+, I would probably be thinking of retiring already. Now he has free 24 months salary.

Plus can stack with the 6 months govt retrenchment support benefits, so 30 months.

Assuming TS is 55 years old in advance, it means he is paid until 57.5 years. If he bored, he can find some low paying relaxing security job, every month earning $2k. His total income when he reaches 60 will still be more than if he didn’t get retrenched.

Congrats TS!

Tbh
I kinda look at ts situation now as a god bless
Some ppl wait tears also nv get something like this and imagine u manage to tahan a compny for 25y, menas its a good/ok job, how many ppl got this 福气? U almost first / second job managed to get one thats stableand pays ur bills for so long

now u get big payout, if u dun splurge, u go invest in fixed income ssb etc u can retire alr
U are heng af.

 

[dereth]

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?

Firstly, TS you have kids?

Any major loans like car or housing?

I was retrenched in 2018, one or two months short of my 10th year anniversary. I also only have a poly dip.

Received a retrenchment compensation of 9 months' pay... which is not too bad because the company's maximum payout is 9 months.

 

[luei74]

Why so mani news of LEEtrenchement recentLEE?

 

[jq75]

ts got share his compensation package? got 250k?

 

[yusoffb01]

24 months salary

wow free 100k. put in maribank investment, each month free $500