Talking Point : Retrenchment

[LoneTraveller]

That's why karma come for his family now, isn't it?

 

[LoneTraveller]

Could never understand why a company based in X would want to hire from Y, Z
If it's so cheap in Y and Z, move out and operate from there.
Simple....why be anti-national?

Because the management kena infiltrated by those from Y and Z and now wants to bring in local villagers?

Don't blame the players. Blame the gatekeepers.

 

[alexsoon1984]

Gilbert Goh's transitioning.org was a good platform for unemployment awareness. Alas, it is no longer operational.

 

[dambio]

teach u all a trick.

when u feel got wind of retrenchment.

fast go volunteer for ICT.

tia gong coy cannot dismiss NSmen during ICT period

Those finished ict alr. How?

 

[theMKR]

Those finished ict alr. How?

no more privilege lor

 

[amognoix]

See? Is good for SG!

 

[KopitiamTissue]

For listed companies, if they give early notice of retrenchments to their employees, wouldn't this affect their share prices and cause volatility in capital markets in SG? This seems to affect almost everyone, and reduce investor confidence in Singapore.

vs.

For individuals, if they give early notice of retrenchments to their employees, employees maybe able to prepare alternative employment options and have time to process the bad news. This seems to affect the individuals and by extension, their loved ones.

As a whole, with retrenchments, it means there are lesser jobs all around from both industry and economical level. Less options for people who are retrenched to move around. However, this is a gamble because the individual chose that particular job and industry, e.g. for higher pay or prospects, he has to accept the risk in exchange for higher returns.

If it is like this, which side would you support more if you were the govt?

 

[Destroybot]

For listed companies, if they give early notice of retrenchments to their employees, wouldn't this affect their share prices and cause volatility in capital markets in SG? This seems to affect almost everyone, and reduce investor confidence in Singapore.

vs.

For individuals, if they give early notice of retrenchments to their employees, employees maybe able to prepare alternative employment options and have time to process the bad news. This seems to affect the individuals and by extension, their loved ones.

As a whole, with retrenchments, it means there are lesser jobs all around from both industry and economical level. Less options for people who are retrenched to move around. However, this is a gamble because the individual chose that particular job and industry, e.g. for higher pay or prospects, he has to accept the risk in exchange for higher returns.

If it is like this, which side would you support more if you were the govt?

Unfortunately, the market is rewarding those companies that engage in massive restructuring and retrenchment exercises. After news of restructuring, companies' shares usually react positively.

My concern is with these individuals who live in their ivory towers, preaching about upskilling, etc. It is obvious that this is not the case, as most individuals are not losing their jobs due to irrelevant skills but rather because they are made redundant due to restructuring. The interviewees are all young, in my opinion, fresh graduates.

What is concerning is that for SNEF, they are supposed to be on the side of employees. However, the SNEF executive director is suggesting not to include retrenchment benefits in the contract/law, stating that it would negatively impact the employees as more employee will be impacted because the company is experiencing financial difficulty. While I understand the need to consider various perspectives, it is important to explore all options carefully to ensure fair treatment of employees. I was appalled by this statement. How can we have someone like that representing us from his ivory tower? What is the purpose of cushion benefits? Has this executive director ever encountered retrenchment, has he ever worked in private sector?

 

[ctstalin]

Unfortunately, the market is rewarding those companies that engage in massive restructuring and retrenchment exercises. After news of restructuring, companies' shares usually react positively.

My concern is with these individuals who live in their ivory towers, preaching about upskilling, etc. It is obvious that this is not the case, as most individuals are not losing their jobs due to irrelevant skills but rather because they are made redundant due to restructuring. The interviewees are all young, in my opinion, fresh graduates.

What is concerning is that for SNEF, they are supposed to be on the side of employees. However, the SNEF executive director is suggesting not to include retrenchment benefits in the contract/law, stating that it would negatively impact the employees as more employee will be impacted because the company is experiencing financial difficulty. While I understand the need to consider various perspectives, it is important to explore all options carefully to ensure fair treatment of employees. I was appalled by this statement. How can we have someone like that representing us from his ivory tower? What is the purpose of cushion benefits? Has this executive director ever encountered retrenchment, has he ever worked in private sector?

Erm...the E in SNEF stands for Employers

 

[KopitiamTissue]

Unfortunately, the market is rewarding those companies that engage in massive restructuring and retrenchment exercises. After news of restructuring, companies' shares usually react positively.

My concern is with these individuals who live in their ivory towers, preaching about upskilling, etc. It is obvious that this is not the case, as most individuals are not losing their jobs due to irrelevant skills but rather because they are made redundant due to restructuring. The interviewees are all young, in my opinion, fresh graduates.

What is concerning is that for SNEF, they are supposed to be on the side of employees. However, the SNEF executive director is suggesting not to include retrenchment benefits in the contract/law, stating that it would negatively impact the employees as more employee will be impacted because the company is experiencing financial difficulty. While I understand the need to consider various perspectives, it is important to explore all options carefully to ensure fair treatment of employees. I was appalled by this statement. How can we have someone like that representing us from his ivory tower? What is the purpose of cushion benefits? Has this executive director ever encountered retrenchment, has he ever worked in private sector?

Agreed that it is concerning, however what the exec dir seems to be suggesting is the choice between "sacrificing a few trees or risk losing the forest".

Is there really a risk of the broader group of employees suffering the negative impacts of retrenchments?

 

[congster2]

Sinkies can also be virtual workers for overseas companies....

Can. So ex who will hire?

 

[lifeisinforashock]

Could never understand why a company based in X would want to hire from Y, Z
If it's so cheap in Y and Z, move out and operate from there.
Simple....why be anti-national?

MY gahmen juz nd to tax those workin in SG

 

[Travis_Touchdown]

I guess in the future, coys will only maintain a presence in SG only merely for international tax planning purpose, though not sure if that will change after BEPS 2.0

I suppose Singaporeans are truly doomed then. Companies leaving, job opportunities dwindling, foreigners still keep swarming into SG taking and fighting for whatever jobs remaining.

Meanwhile our world class mgmt everyday scream and shout "reskill retrain upskill upgrade e2i wsg skillsfuture"...

that ish huai must open legs big big... then coys won't leave...

 

[Mr Totoro 38]

Someone posted this.

Somemore from garhment dept le
IF it is true… sound very jialat inside..

of coz la that CS worker - same old question ask you “who do you voted for”…..

 

[marksnow44]

Can just make sure the companies dont use Retrenchment such big word to sack Sinkies just to hire those from cheaper countries or from same villages.

 

[amognoix]

安la.

NCM will give NTUC toast set discount.

 

[Crooni]

Suddenly like got a lot of retrenchment news come out.

Think gov know already that's why make show on tv, talk about feelings and moral support

Then send memo to all companies only after tv show then can start retrenching

 

[Tintin&Sn0wy]

安la.

NCM will give NTUC toast set discount.

e2i will busy bo

 

[coldish]

Somemore from garhment dept le
IF it is true… sound very jialat inside..

of coz la that CS worker - same old question ask you “who do you voted for”…..

At least that CS worker has an option to be transferred to another section first

Nowadays, it seems like the middle management in CS are getting too powerful, perhaps even more high-handed than the gahmen

 

[popdod]

Suddenly like got a lot of retrenchment news come out.

Think gov know already that's why make show on tv, talk about feelings and moral support

Then send memo to all companies only after tv show then can start retrenching

obviously The gahmen nose the retrenchment numbers in the coming months.


Thats why Tiko Wong comes up with extra skills future and career switch programme after 40yrs old.

yet. We still have large influx of FTs flocking in