Opinion. Opinion. Hence, helping businesses stay afloat and safeguarding employees’ livelihoods are equally important. retrenchment Blogs, Comments and Archive News on Economictimes.com. 1 of 2 Go to page. In a parliamentary speech, Singapore’s Manpower Minister Josephine Teo broke down how the Ministry of Manpower … Data on retrenchment are useful in monitoring the impact of an economic downturn or restructuring on workers and in identifying industries which are re-structuring or ailing. Lifestyle News. The author of the FAQ cites the Employment Act for the definition of a retrenchment. Share. ... in its latest labour market report. COVID-19: Labour movement urges firms to protect Singaporean workers | Video, Retrenched workers cut expenses, take on temporary jobs | Video, Retrenchments in Singapore spike in first half of the year, surpassing SARS peak: MOM | Video, Retrenched workers face challenges upskilling in search for jobs amid COVID-19 | Video, Only a quarter of BP's 10,000 job cuts to be voluntary, Retrenchment benefits law does not guarantee better outcomes for employees: Josephine Teo, Cathay Pacific pilots push for seat at table for restructuring talks, Airbus CEO: We can't guarantee no compulsory layoffs, SIA crew recount 'sad day' when airline announced retrenchment exercise, Retrenchments in Singapore spike in first half of the year, surpassing SARS peak: MOM. Summary of retrenchment, layoff and job cut news in Singapore and Asia 2020, and how to know if your industry is affected Copyright© Mediacorp 2020. New restaurants, cafés and menu updates to check out in Singapore including Restauraut Euphoria, 1-ATICO and more. Read the latest Singapore news, courts and crime, social, politics, education, trending news and more. The retrenchment exercise - which affects about 2,400 staff - is being conducted at the SIA Training Centre, near Changi Airport, for Singapore-based staff. The COVID-19 pandemic is an unprecedented crisis that has resulted in business difficulties for many employers as well as put jobs and employees’ livelihoods at risk. Weekly insights into the world of startups. South African Broadcasting Corporation (SABC) employees at the public broadcaster’s headquarters in Auckland Park, Johannesburg, say they are stressed due to uncertainties about their future amid the retrenchment … Drama. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. We have been told over and over again that foreigners to cushion unemployment of locals in a downturn of the economy. SINGAPORE, Aug 6 — In the past two weeks, two aerospace engineering firms here announced more than a hundred layoffs as part of cost-cutting measures due to the Covid-19 pandemic. In view of the evolving?COVID-19?situation, the?Ministry of Manpower (MOM), the National Trades Union Congress (NTUC), and the Singapore National Employers Federation (SNEF) have jointly updated the Tripartite Advisory on Managing Excess Manpower and Responsible Retrenchment (Advisory).. With businesses suffering sharp?declines in volume and revenue in some sectors,?some employers have … 07 December 2020. All press releases. [DOVER] A slew of countries closed their borders to Britain on Monday over fears of a highly infectious new... [LONDON] Britons rushed to supermarkets on Monday to stock up for Christmas after stricter pandemic rules meant last... [KUALA LUMPUR] A Malaysian glove maker has denied hundreds of its workers are living in metal shipping containers in... [AMSTERDAM] Europe's medicines regulator on Monday approved the use of the Covid-19 vaccine jointly developed by US... [DUBAI] Saudi Aramco Development, a subsidiary of Aramco, has teamed up with Google Cloud to offer cloud services to... By signing up, you agree to our Privacy Policy and Terms and Conditions. Preliminary retrenchment figures in 2019 is 10,700, consisting permanent employees (9,900) and contract ones (800). Shaken by new coronavirus strain, world shuts the door on Britain, Brits rush to supermarkets ahead of Christmas as borders close, Malaysian glove maker denies its workers are living in shipping containers, Regulator clears way for use of Pfizer Covid-19 vaccine in Europe, Aramco to bring Google Cloud services to Saudi Arabia, Singapore property investment market likely to get 'shot in the arm' in 2021: CBRE, Singapore Airlines has spent S$7.1b of S$8.8b raised in rights issue. What happens if a retrenched employee accuses you of carrying out ‘unfair dismissals’? RESEND Unemployment Rate in Singapore increased to 3.60 percent in the third quarter of 2020 from 2.80 percent in the second quarter of 2020. The coronavirus pandemic and the extended lockdown has had a clear impact on South African companies, with various government bodies reporting an increase in retrenchment and insolvencies. Have you read these stories? Summary Table: Retrenchment Retrenchment refers to the termination of permanent employees due to redundancy and early termination of term contract employees due to redundancy. Aerospace manufacturer Pratt & Whitney and its majority-owned unit Eagle Services Asia were the latest … Despite the economic uncertainties due to the Covid-19 pandemic, the property market in Singapore is showing signs of revival with the third quarter of 2020 registering good sales. 2020 could see the worst recession in the whole of Singapore's existence as a nation. Singapore Airlines (SIA) and Vistara, a joint venture between Tata Sons Private Limited and SIA, have signed a Commercial Cooperation Framework Agreement. SINGAPORE — According to the Ministry of Manpower’s (MOM) latest labour report, while retrenchments fell from 3,230 in the first quarter to 2,320 in the second, the number of PMETs who lost their jobs increased from 1,440 to 1,680, making them the bulk of those retrenched. Today’s print edition of BT, delivered to your inbox. Commentary. This is as labour numbers typically tail behind the economic growth cycle by one to two quarters, he says while referencing the republic’s latest GDP figures. Statistical definitions, concepts and sources on: Retrenchment Last updated on 06 November 2020 10:13:58 Best viewed using IE 11, Firefox 12 or Google Chrome … CAAS and Thales establish joint aviation innovation research lab . 3. The Straits Times/Asia News Network / 01:36 PM September 15, 2020. Retrenchment numbers in the first half of 2020 hit 11,350, exceeding initial estimations, said the Ministry of Manpower. Get the Latest Singapore News from Tech In Asia. Retrenchment in full swing in Singapore. © 2020 SINGAPORE PRESS HOLDINGS LTD. REGN NO. Introduced in February 2020, the budget focused on providing short-term financial support for businesses and families impacted by the outbreak. In the latest Ministry of Manpower (MOM)’s labour market report released on Monday (14 September), it revealed that the retrenchment more than doubled to 8,130 in the second quarter of 2020 from the first quarter figure of 3,220.. SINGAPORE - Retrenched Singapore Airlines (SIA) staff will receive one month of pay for every year of service, capped at 25 months, The Straits Times has learnt. Singapore Airlines kicks off retrenchment exercise; affected staff to be paid until Dec. 15 . Singapore Airlines kicks off retrenchment exercise; affected staff to be paid until Dec. 15 . 24-Sep-2019. Unemployment Rate in Singapore increased to 3.60 percent in the third quarter of 2020 from 2.80 percent in the second quarter of 2020. ... 2020, 1:26 pm . Singapore News - The number of retrenchments rose in the first quarter of this year, with the majority of those retrenched being 40 years old and above. Please note that the information in this article is accurate as at 20 October 2020. Retrenchment benefits are payments given to employees to compensate them for the loss of employment. Covid-19: S'pore could see 150,000 to 200,000 retrenchments, negative GDP growth of 6%. September 15, 2020. BY Nurhuda Syed 20 Oct 2020. Please confirm for access to all your SPH accounts. VERIFICATION EMAIL. Those with less than 2 years’ service could be granted an ex-gratia payment out of goodwill. retrenchment Blogs, Comments and Archive News on Economictimes.com. For further queries, please contact: Ministry of Manpower Online enquiry www.mom.gov.sg Singapore National Employers Federation (SNEF) Industrial and Workplace Relations M1 retrenched 50 Singapore employees in February 2020, according to an official statement. Keep up to date with the Singapore Tech News, Stories, and Community Insights from Asia's Tech Ecosystem JCB India bites the retrenchment bullet, sacks 400 permanent employees. Affected workers from Suntec Singapore Convention & Exhibition Centre receiving support following the retrenchment exercise on Aug 27, 2020. The updated second-quarter decline will bring GDP contraction in the first half of 2020 to 6.7 per cent year on year, worse than the earlier estimate of a 6.45 per cent drop. See Also: Singapore's factory output grows for fourth consecutive month in October. Speaking at an Assocham convention, Modi highlighted reforms spanning from the manufacturing … PHOTO: The Straits Times More at the end of this article. Apr 23, 2020 #1 200,000 jobs to be axed and only half will be foreigners. Have you addressed these areas? (i) The one-month salary in-lieu of notice received by Mr Tan on 30 Dec 2019 is taxable in the YA 2020, alongside his salary and bonuses received in the year 2019. SINGAPORE, Aug 6 — In the past two weeks, two aerospace engineering firms here announced more than a hundred layoffs as part of cost-cutting measures due to the Covid-19 pandemic. 198402668E. How bad is the retrenchment situation in Singapore, and how much worse it will get Saturday, 15 Aug 2020 02:43 PM MYT Even as retrenchment figures rise, the official numbers may still not capture the full picture since they do not include firms with fewer than 25 employees or affected workers in the gig economy, economists told TODAY. RESEND VERIFICATION EMAIL. premium content on your favourite platforms. Workforce retrenchment in Singapore is expected to hit record numbers as a result of economic disruption from the coronavirus (COVID-19) pandemic. Advance estimates released in October point to a 7% year-on-year shrinkage of the economy in 3Q2020 compared to the 13.3% contraction in the quarter before. Unemployment Rate in Singapore averaged 2.44 percent from 1986 until 2020, reaching an all time high of 6 percent in the first quarter of 1986 and a record low of 1.40 percent in the second quarter of 1990. Skip to main content. In an utterly puzzling move by Singapore Airlines, it was announced that SIA would bring over 24 Indian pilots from Vistara Airlines to help meet its manpower needs and to provide Vistara pilots experience flying long haul flights. SUTD and Thales collaborate to accelerate the development of smart aviation technologies. Tell us what kind of news matters to you! A string of negative news has been surfacing out of Honestbee’s hives around the world. Agri reforms have started benefiting farmers: Modi. MARKETS. All you need to know to start your day, right in your inbox. Mediacorp Pte Ltd. All rights reserved. Loyal. News; News; The consequences of 'unfair' retrenchment practices in Singapore. From 16 March 2020, 2359 hours, any Singapore foreign employees (on work passes, In-Principle Approval, Dependant's Passes or Long-Term Visit Pass holders) and their dependants who have transited at or travelled to prescribed COVID-19 areas within the last 14 days are required to obtain the MOM's approval before they can enter Singapore. Hot Deals. More than 17 million people visited Singapore in the first 11 months of 2019. Source: Ministry of Manpower. Tue, Dec 15, 2020. Times are tough and the company is considering a retrenchment exercise – how can you help keep the process sensitive and fair for everyone? (Photo: Getty Images) SINGAPORE — From the novel coronavirus situation in Singapore and politics across the Causeway, to President-elect Joe Biden’s electoral win over incumbent Donald Trump in the US – here are the top 10 news events and personalities that … SINGAPORE, Dec. 9 (Xinhua) -- The Monetary Authority of Singapore (MAS) announced in a report on Wednesday that economists and analysts polled in the Survey of Professional Forecasters expect Singapore's gross domestic product (GDP) to decline by 6 percent in 2020. An M1 spokesperson told Mothership that the retrenchment … Then, consider the abilities of the staff, their skills, and how those are relevant to the business – in the short as well as long-term. Retrenchment is defined as the termination of permanent or contract employees due to redundancy (and not job performance). Hello, your email is unverified. Next Last. × Hello, your email is unverified. 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