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Corporate manforce status quo, not that bad loh. May be after the DBS incidence, coys are very careful liao. They know, they hv to consult first.
My newly wed couple not that good luck liao. Engr's huppy kena kicked back fr US to homeland. Wife demoted fr Supr to a gen clerk, in one of d semicon coy.
Huppy, now attending nite class to enrich his knowhow. He told me he wanted to start small business, even noodles stall or getting a cab to be boss.
Hmm... I don't think so lah...
Word gets out very quickly - especially news about retrenchment. What I know is that many stat boards have now frozen headcount.
dcang84 ( Date: 25-Feb-2009 18:40) Posted:
If they retrench public sector employees, you can be sure they will do it quietly. I dun think the media will report it, Having said that , most governments have increased expenditure in public sectors to create jobs while the private sector readjust to the new realities. Increased expenditure implies increased cost and someone will have to foot it at some point.
singaporegal ( Date: 01-Feb-2009 10:47) Posted:
Public sector jobs are a safe haven now.
Why do I say this? Look at the recent barrage of media reports urging private sector employers NOT to retrench staff but to adopt other measures instead.
How would it look then if public sector organisations start chopping people? |
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Better leave them alone
If news break out of any retrenchments, confidence will be lost
Like in Britain, PM there said " All it takes for GB to get out of recession is confidence only"
ANyway, all this is common sense
If they retrench public sector employees, you can be sure they will do it quietly. I dun think the media will report it, Having said that , most governments have increased expenditure in public sectors to create jobs while the private sector readjust to the new realities.
Increased expenditure implies increased cost and someone will have to foot it at some point.
singaporegal ( Date: 01-Feb-2009 10:47) Posted:
Public sector jobs are a safe haven now.
Why do I say this? Look at the recent barrage of media reports urging private sector employers NOT to retrench staff but to adopt other measures instead.
How would it look then if public sector organisations start chopping people? |
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Ooooops, wrong thread! ... apologies...
Hahaha...
I am so happy to see
Sifu posting here again... hehehe...
This financial 'tsunami' and it's (present)
aftermath is real bad...
Job losses in Singapore
99,000 jobs may go
SINGAPROE may lose 99,000 jobs amid the nation's worst economic slump, pushing the jobless rate to 5 per cent by mid-2010, said DBS Bank in a report on Wednesday. DBS also said the economy may contract 4.8 per cent this year, down from its earlier forecast of 3.3 per cent.
'Singapore is likely to experience its worst ever growth this year with a GDP contraction of 4.8 per cent. Labour markets are expected to deteriorate further, it said.
'The unemployment rate will likely hit 5 per cent with cumulative job losses expected to reach 99,000 by 2010. Policy measures that have been put forth so far will help to cushion the blows but the worst of the labour market cycle is yet to come.'
The Singapore economy shrank by 3.7 per cent in the fourth quarter of 2008, compared to a year ago. Singapore's non-oil domestic exports plunged by 17.7 per cent in the same quarter, down significantly from an average negatove 4.2 per cent for the first three quarters of last year.
Most recent NODX growth in January plummeted by 34.8 per cent - the sharpest single month decline ever and a clear reflection of the collapse in global demand
'On account of the sharp collapse in global demand and export sales, we have recently lowered our growth for 2009 to - 4.8 per cent, down from an already low forecast of - 3.3 per cent,' said the DBS report. 'This marks the worst recession in Singapore's history, surpassing the previous low of -3.8 per cent registered prior its independence in 1964.
'With growth this weak, labour market conditions are expected to deteriorate further. The unemployment rate will creep higher as job losses mount.'
Singapore's unemployment rate has risen in the previous two quarters as the labour market continued to feel the heat of the global recession.
About 73,100 Singapore residents were jobless in December last year, an increase of about 58 per cent over a year ago. Job growth also slowed significantly, with just 26,900 jobs created in the fourth quarter, which is less than half the total gain of 55,700 in the previous quarter.
'Against the backdrop of the dire economic conditions, this is probably just the initial stage of a protracted down-cycle in the employment market. Job losses and unemployment rate will continue to rise as companies struggle to cope with the impact of the global downturn,' said DBS.
The public sector, including associated is leading the way by employing close to 100,000, closing the gap by pre-attempting to prevent a total collaspe in it current down turn prolong recession. One can imagine if, a Big if, if 100,000 thousand is jobless....hunger, strike, mass protest, petty thief, for only a few dollars one can do alot of damage and harm to each and every citizens...old, weak, young...
In other word...cut cost to save jobs rather than cut jobs to save cost, govment will do more if necessary to lesser the pain.
Public sector jobs are a safe haven now.
Why do I say this? Look at the recent barrage of media reports urging private sector employers NOT to retrench staff but to adopt other measures instead.
How would it look then if public sector organisations start chopping people?
SINGAPORE: The National Trades Union Congress (NTUC) is expecting more retrenchments in the electronics sector after the fifteenth day of the Lunar New Year.
Sharing this concern with Channel NewsAsia was NTUC’s deputy secretary-general Halimah Yacob, who said a few thousand workers may be affected.
However, the United Workers of Electronics and Electrical Industries (UWEEI) said it is working closely with employers on possible alternatives to stave off retrenchments.
Several leading multinational corporations had announced their plans to downsize.
The latest includes Philips Electronics which had announced a cutback of some 6,000 jobs worldwide.
Mdm Halimah said: “One thing that is quite complicated is in the electronics sector. Restructuring is an ongoing process even in the off-downturn period. Sometimes they reassess their position and if they find lower cost areas, they relocate and so part of these retrenchments are also a spin-off of those measures that they take.”
That is why the labour movement is working closely with companies to promote SPUR, a programme to retrain excess manpower, and the Jobs Credit scheme announced in the Budget to save jobs.
General-secretary of UWEEI, Cyrille Tan, said: "Some companies which had planned to retrench are now rethinking because of the costs of employing our own Singaporeans is cheaper now compared to foreign workers"
Union leaders emphasised that it is important to be realistic when working with companies to minimise retrenchments. If companies have to retrench as a last resort, the next most important thing is to work with them to ensure workers get a fair deal.
Retrenched workers from the electronics sector had been urged to consider job conversion programmes by attending the employability camps at the Employment and Employability Institute.
- CNA/yt
NTUC expecting bigger retrenchments from electronics sector
By S Ramesh, Channel NewsAsia | Posted: 30 January 2009 1601 hrs
NTUC expecting bigger retrenchments from electronics sector
SINGAPORE: The National Trades Union Congress (NTUC) is expecting more retrenchments in the electronics sector after the fifteenth day of the Lunar New Year.
Sharing this concern with Channel NewsAsia was NTUC’s deputy secretary-general Halimah Yacob, who said a few thousand workers may be affected.
However, the United Workers of Electronics and Electrical Industries (UWEEI) said it is working closely with employers on possible alternatives to stave off retrenchments.
Several leading multinational corporations had announced their plans to downsize.
The latest includes Philips Electronics which had announced a cutback of some 6,000 jobs worldwide.
Mdm Halimah said: “One thing that is quite complicated is in the electronics sector. Restructuring is an ongoing process even in the off-downturn period. Sometimes they reassess their position and if they find lower cost areas, they relocate and so part of these retrenchments are also a spin-off of those measures that they take.”
That is why the labour movement is working closely with companies to promote SPUR, a programme to retrain excess manpower, and the Jobs Credit scheme announced in the Budget to save jobs.
General-secretary of UWEEI, Cyrille Tan, said: "Some companies which had planned to retrench are now rethinking because of the costs of employing our own Singaporeans is cheaper now compared to foreign workers"
Union leaders emphasised that it is important to be realistic when working with companies to minimise retrenchments. If companies have to retrench as a last resort, the next most important thing is to work with them to ensure workers get a fair deal.
Retrenched workers from the electronics sector had been urged to consider job conversion programmes by attending the employability camps at the Employment and Employability Institute.
- CNA/yt
This thread is for updates on retrenchment in Singapore
