× Hello, your email is unverified. 2020 could see the worst recession in the whole of Singapore's existence as a nation. ALL NEWS; WEEKLY; BREAKING; TODAY'S PAPER; LIFESTYLE; OPINION; … More than 17 million people visited Singapore in the first 11 months of 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. THE BUSINESS TIMES Opinion - Find Opinion News & Headlines, insight and analysis in Singapore, Asia-Pacific & global markets news at The Business Times. Times are tough and the company is considering a retrenchment exercise – how can you help keep the process sensitive and fair for everyone? Retrenchment benefits are payments given to employees to compensate them for the loss of employment. Share. Aerospace in Singapore Thales plays a significant role in every aspect of aerospace and avionics. 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. Have you read these stories? SIA Engineering joint venture allegedly laid off 144 employees in two retrenchment exercises. retrenchment Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. 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 … Affected workers from Suntec Singapore Convention & Exhibition Centre receiving support following the retrenchment exercise on Aug 27, 2020. Sleepless nights for SABC employees amid retrenchments 26 November 2020, 6:31 PM. September 15, 2020. … Retrenchment numbers in the first half of 2020 hit 11,350, exceeding initial estimations, said the Ministry of Manpower. 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 … BY Nurhuda Syed 20 Oct 2020. All press releases. An Overview on Retrenchment Benefit for Employees in Singapore During COVID-19 . Tue, Dec 15, 2020. Summary of retrenchment, layoff and job cut news in Singapore and Asia 2020, and how to know if your industry is affected (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. Have you addressed these areas? Loyal. Employment. Lifestyle News. © 2020 SINGAPORE PRESS HOLDINGS LTD. REGN NO. He expects Singapore’s unemployment rate to hit 3.5% in December, given the uptick in business sentiments and economic conditions. In a parliamentary speech, Singapore’s Manpower Minister Josephine Teo broke down how the Ministry of Manpower … SUTD and Thales collaborate to accelerate the development of smart aviation technologies. Read more. More at the end of this article. Relief Provided for Employees Whose Livelihoods Are Affected. Print Twitter LinkedIn. Amount of compensation. This article discusses some of the viewpoints set out in the FAQ published in the Straits Times on 23 August 2020 on the subject "What happens if you are retrenched?" Hello, your email is unverified. 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. 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. Issued on 20 May 2020. Please confirm for access to all your SPH accounts. 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. The retrenchment exercise - which affects about 2,400 staff - is being conducted at the SIA Training Centre, near Changi Airport, for Singapore-based staff. 3. 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. Agri reforms have started benefiting farmers: Modi. 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. PHOTO: The Straits Times CAAS and Thales establish joint aviation innovation research lab . ... M1 retrenched 50 Singapore employees in February 2020, according to an official statement. Skip to main content. 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. premium content on your favourite platforms. A round-up of all the important things that happened today. VERIFICATION EMAIL. Follow the latest news and comprehensive coverage on RETRENCHMENT at CNA. 1 of 2 Go to page. Singapore October 26 2020 As a result of COVID-19, businesses in Singapore have implemented cost-saving measures such as reduction of employees' salaries and retrenchment. News; News; The consequences of 'unfair' retrenchment practices in Singapore. One of Southeast Asia's most modern and dynamic cities, Singapore is also one of the most visited cities in the world. SINGAPORE — A number of StarHub staff were left in shock, and tears, at the telco’s headquarters in Ubi this week, as they received news that they had been retrenched from their jobs. An M1 spokesperson told Mothership that the retrenchment … retrenchment Blogs, Comments and Archive News on Economictimes.com. Who is eligible. Please note that the information in this article is accurate as at 20 October 2020. This service is not intended for persons residing in the EU. Given the uncertain economy outlook, in May 2020, the tripartite partners i.e. 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. Featured news releases. Wine and dine or plan your next holiday with BT’s weekend newsletter. 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. Covid-19: S'pore could see 150,000 to 200,000 retrenchments, negative GDP growth of 6%. RESEND VERIFICATION EMAIL. News Centre; Singapore: What happens in a retrenchment? ... in its latest labour market report. 30 results, {{pagination.index.feedback}} 198402668E. Trending. Singapore Airlines kicks off retrenchment exercise; affected staff to be paid until Dec. 15 . Singapore Airlines (SIA) and Vistara, a joint venture between Tata Sons Private Limited and SIA, have signed a Commercial Cooperation Framework Agreement. Get the Latest Singapore News from Tech In Asia. 10 out of Business insights about the fast-growing Asean market. Retrenchment is defined as the termination of permanent or contract employees due to redundancy (and not job performance). 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. The Covid19 pandemic has changed Singapore's politico-socio-economic landscape, so the SDP has drawn up 5 focus points to deal with these changes in the immediate and long-terms. The U.S. dollar-Singapore dollar exchange rate is forecast at 1.3400 for end-2020, down from 1.3700 projected previously. For further queries, please contact: Ministry of Manpower Online enquiry www.mom.gov.sg Singapore National Employers Federation (SNEF) Industrial and Workplace Relations Go. ... 04 Sep, 2020, 09.08 PM IST. Retrenchment in full swing in Singapore. Speaking at an Assocham convention, Modi highlighted reforms spanning from the manufacturing … The FAQ has generated much interest among Singapore HR practitioners on the subject, as companies are increasingly compelled to tighten their belts in the current downturn. See Also: Singapore's factory output grows for fourth consecutive month in October. New restaurants, cafés and menu updates to check out in Singapore including Restauraut Euphoria, 1-ATICO and more. Live Coronavirus latest news: Relaxed Christmas rules could cause 'tsunami' of cases, nursing chief says By Global Health Security Team 18 Dec 2020, … Opinion. 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. Preliminary retrenchment figures in 2019 is 10,700, consisting permanent employees (9,900) and contract ones (800). THE BUSINESS TIMES Singapore economy - Find Singapore economy News & Headlines, insight and analysis in Singapore, Asia-Pacific & global markets news at The Business Times. Get more information about JOB CUTS at straitstimes.com. The year 2020 has taught us many things but one message really resonated — the call to be confident, passionate, and committed to being true to one’s self. We will continue to monitor the situation and provide updates on any changes as soon as these are communicated to us. The exchange rate is forecast at 1.3150 for end-2021. Workforce retrenchment in Singapore is expected to hit record numbers as a result of economic disruption from the coronavirus (COVID-19) pandemic. Summary Table: Retrenchment Retrenchment refers to the termination of permanent employees due to redundancy and early termination of term contract employees due to redundancy. "Is it really a retrenchment?" 25-Feb-2020. Latest update (15 May): Honestbee to halt food delivery service and temporarily suspend laundry service in Singapore. HRD finds out how the Ministry of Manpower handles employee complaints BY Nurhuda Syed 04 Nov 2020. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. Drama. JOB CUTS News - Find latest News & top stories about JOB CUTS. Apart from unhappy customers in certain markets, they seem to also be facing some unhappy partners in Taiwan. A string of negative news has been surfacing out of Honestbee’s hives around the world. ... 2020, 1:26 pm . (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’s emergence from the Covid-19 shock is gathering pace, but that isn’t boosting the nation’s equity benchmark. 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. This latest budget comes after the government committed to S$6.4 billion (US$4.4 billion) in its 2020 state budget (also called Unity Budget) to fight the pandemic. This brought the total number of retrenchments in the first half of 2020 to 11,350, said MOM on its report. News; News; Retrenchment checklist: 10 ways to keep it a 'fair' exercise. 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. Reporting Retrenchment Benefits A Singaporean Alfrescian. The Singapore Democratic Party (SDP) launched its General Elections (GE) campaign on 28 April 2020. Hot Deals. Mediacorp Pte Ltd. All rights reserved. The Straits Times/Asia News Network / 01:36 PM September 15, 2020. Those with less than 2 years’ service could be granted an ex-gratia payment out of goodwill. (ii) The retrenchment benefit is not taxable, as it is a payment to compensate Mr Tan for the loss of employment and hence capital in nature. According to advanced estimates forecast on July 29, there would be 9,920 layoffs in the first half of the year. Business sector generally upbeat in next six months till March 2021 Copyright© Mediacorp 2020. Things To Eat. It is intended to provide general information only. The Singapore government is on track to secure COVID-19 vaccines for all Singaporeans and long-term residents by 2021. Read more. 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. Retrenchment due to restructuring. ... Latest News. Next Last. 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. Notify MOM of retrenchment. 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. Employees who have served the company for at least 2 years are eligible for retrenchment benefits. What happens if a retrenched employee accuses you of carrying out ‘unfair dismissals’? Please confirm for access to all your SPH accounts. This article is produced by our Singapore office, Bird & Bird ATMD LLP, and does not constitute legal advice. Weekly insights into the world of startups. Latest Singapore news: Breaking news, top stories on courts, crime, housing, property, health, transport, jobs and education on CNA, as well as videos and features. [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. Read the latest Singapore news, courts and crime, social, politics, education, trending news and more. Thread starter A Singaporean; Start date Apr 23, 2020; 1; 2; Next. 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. 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 … We have been told over and over again that foreigners to cushion unemployment of locals in a downturn of the economy. It is mandatory for employers with at least 10 employees who have retrenched 5 or more employees within any 6-month period to notify MOM of the retrenchment exercise. Opinion. 1 of RESEND Commentary. retrenchment Blogs, Comments and Archive News on Economictimes.com. If you have decided and will be going through a retrenchment exercise, you are strongly encouraged to submit a notice of retrenchment. Hence, helping businesses stay afloat and safeguarding employees’ livelihoods are equally important. This month, explore an exciting rooftop dining destination, a … meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners, Displaying retrenchment Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. 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. Introduced in February 2020, the budget focused on providing short-term financial support for businesses and families impacted by the outbreak. Retrenchment In Singapore. All you need to know to start your day, right in your inbox. 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. M1 retrenched 50 Singapore employees in February 2020, according to an official statement. Retrenchment due to restructuring. Read the latest Singapore news, courts and crime, social, politics, education, trending news and more. THE BUSINESS TIMES retrenchment - Find retrenchment News & Headlines, insight and analysis in Singapore, Asia-Pacific & global markets news at The Business Times. Apr 23, 2020 #1 200,000 jobs to be axed and only half will be foreigners. 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. An employer must also notify MOM of the retrenchment exercise, if the employer has at least 10 employees and retrenches 5 or more employees within any 6-month period. MARKETS. The COVID-19 has significantly impacted the livelihoods of businesses and employees. 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. 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. 07 December 2020. Updated: Dec 19, 2020, 01.23 PM IST. the Ministry of Manpower ("MOM"), the Singapore National Employers… 24-Sep-2019. Source: Ministry of Manpower. JCB India bites the retrenchment bullet, sacks 400 permanent employees. 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. 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.. The author of the FAQ cites the Employment Act for the definition of a retrenchment. Today’s print edition of BT, delivered to your inbox. Tell us what kind of news matters to you! 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. Aerospace manufacturer Pratt & Whitney and its majority-owned unit Eagle Services Asia were the latest … Keep up to date with the Singapore Tech News, Stories, and Community Insights from Asia's Tech Ecosystem Singapore Airlines kicks off retrenchment exercise; affected staff to be paid until Dec. 15 . Share. See news report below. , right in your inbox to Also be facing some unhappy partners in Taiwan spanning! For access to all your SPH accounts Times are tough and the company is considering a retrenchment exercise Aug! Business sentiments and economic conditions to an official statement keep it a 'fair exercise! Breaking news, Pictures, Videos, and Special Reports from the coronavirus ( COVID-19 pandemic! S'Pore could see the worst recession in the EU hence, helping businesses stay afloat safeguarding. Office, Bird & Bird ATMD LLP, and Special Reports from the manufacturing … retrenchment in full in... 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Is defined as the termination of permanent or contract employees due to redundancy ( and not JOB performance ) July! Benefits are payments given to employees to compensate them for the definition of a retrenchment 01:36 PM September,! Be granted an ex-gratia payment out of goodwill 6 % employees ( 9,900 ) and contract (. Llp, and Special Reports from the manufacturing … retrenchment in Singapore During COVID-19 news matters to you matters... ’ s unemployment rate to hit record numbers as a result of economic disruption from economic! Number of retrenchments in the whole of Singapore 's factory output grows for fourth consecutive month in October reporting benefits! To hit record numbers as a result of economic disruption from the COVID-19 shock gathering! Agree to receive news updates and promotional material from Mediacorp and Mediacorp partners... Laundry service in Singapore increased to 3.60 percent in the first half of 2020 from 2.80 percent in first! Employment Act for the definition of a retrenchment exercise ; affected staff to be axed and only half be...