He says that while the jobless rate has edged up, the “pace of deterioration is moderating”, as policy measures on creating jobs and preventing job losses have been gathering momentum. But these numbers could all be revised downwards. The severity of the crisis also means that sectors which are seeing a temporary rebound — after Singapore and other countries reopened their economies — are by no means immune to layoffs. It has been estimated by local economists that retrenchments in Singapore in 2020 could be between 45,000 to 200,000, which would be a record. The total number of cases in Singapore stands at 57,915. The retail trade industry shed 8,000 workers, while food and beverage services saw a plunge of 22,900. This bad news prediction comes despite the government’s three stimulus packages meant to prop up a bruised and battered economy. Singapore has announced the recipients of its much-prized digital bank licences. In … Millions of Indonesian parents abandoned a measles vaccine in 2018 when it was declared haram. The Singlife Account is an insurance savings plan that offers insurance coverage. There were 90,500 unemployed residents in June 2020, of whom 79,600 were citizens, MOM said. One month of circuit-breaker measures is estimated to cost Singapore’s economy roughly S$10 billion, or 2 per cent of the GDP in 2019. Singapore, as one of the world’s most open economies, is not immune to this. Overcoming Retrenchment as an Employee in Singapore . Check out top news from Singapore and around the world. There are also IT company with set up similar to one of the biggest local bank here. The DBS economist predicted a 2.8 per cent to 4 per cent contraction. In 2019, this had grown marginally to 211,000, making up 8.8 per cent of the country’s labour force. 2020 could see the worst recession in the whole of Singapore's existence as a nation. Follow the latest news on retrenchment at TODAYonline. Alternatives to retrenchment. Against this backdrop, PMEs, especially those in their 40s to 60s, have been significantly impacted. Mandatory notifications on cost-saving measures. 4. Bank accounts give safety and liquidity, but that’s about it. Retrenchment benefits are payments given to employees to compensate them for the loss of employment. | As more sectors re-open gradually, we will have to evolve and taper the support provided.”. However, the pandemic has dealt a fresh blow to the gig economy, said the economists. “I don’t think S$120 a week is enough to get by, (but) I have savings to fall back on,” she said. Download the Singlife App to sign up now and get a complimentary visa debit card! Over S$2.2 million of donations to support individuals, households and community across core They also offered recommendations on managing excess manpower. SINGAPORE - A recession in Singapore "appears inevitable", said DBS Bank as it now sees the economy shrinking by 0.5 per cent this year, instead of the 0.9 per cent growth it forecast last month. Royal Bank of Scotland has also announced that they could be cutting as many as 80% of the jobs in its investment banking unit over the next four years. The expectation that retrenchments are likely to increase stems from the severe depth of the current recession, which is set to be longer than the ones which Singapore experienced during the Asian Financial Crisis and the Global Financial Crisis. F&B outlets in Orchard Road on the first day of the circuit breaker on April 7, 2020. Here’s some help: For workers who have been retrenched, there are several government grants and initiatives to help tide them over this period and find jobs. A Straits Times report also said that back in July 2015, the Royal Bank of Scotland trimmed its presence here in Singapore, laying off “hundreds” of people. No retrenchment after merger of associate banks with SBI: Government 10 Aug, 2018, 06.55 PM IST. If you like what you read, follow us on Facebook, Instagram, Twitter and Telegram to get the latest updates. We keep hearing people talk about how the pandemic has “disrupted” employment practices. ... 4 Best Whole Life Insurance Plans Singapore 2020 (Updated Nov 2020) July 2, 2019 48733 views. It was named as the best private bank from 2011 to 2016 by Global Finance and by Asian Private Banker. Singapore’s financial services sector, companies and workers! Goldman Sachs In July, the 34-year-old secured a job at a local infocomm technology firm as an associate engineer, matching his previous salary. While manufacturing saw an increase from 720 retrenchments in the first quarter to 1,600 in the second, services saw a corresponding increase from 2,360 to 4,600. The 29-year-old has gone for 10 interviews so far but has yet to be offered a job. Limited time offer – Retrenchment Coverage. Our mission is to promote sustained non-inflationary economic growth, and a sound and progressive financial centre. We Are Hiring “If employment prospects continue to deteriorate, then it will have a second-order impact on domestic consumption and henceforth segments such as the F&B and retail sector,” said Seah. Daniel (not his real name), a 26-year-old who was retrenched in February from an online travel agency, has also been working part time at security firm Certis, where he helps to call persons under quarantine to check on their details. 6 November 2020. Here are tips to help you better interact with the statistics Barclays in Singapore looks set to take at least a 15% share of the 1,000 global job cuts that the bank announced last month. 2020 will be a major bloodletting exercise. Retrenchment benefits. The two digital full bank (DFB) licences go to a consortium between Grab and major Asian telco Singtel, and Sea, a consumer-based internet firm covering Southeast Asia and Taiwan. Ling noted: “After August, the question is if the businesses foresee that the demand is not going to pick up significantly... Then you may get many who will throw in the towel.”. Chart: Retrenchment - Draw your own insights into Singapore’s labour market by exploring official data through interactive charts. Almost all the retrenched workers whom TODAY interviewed have yet to find full-time employment, with some working part-time to get by. Relief Provided for Employees Whose Livelihoods Are Affected. December 17, 2020. Link to post Share on other sites. Those with less than 2 years’ service could be granted an ex-gratia payment out of goodwill. Mandatory notifications on cost-saving measures. “Naturally, many outlet staff were quite upset, as they were already on no-pay leave, and were waiting for the circuit breaker to end so that they could resume working.”. Singapore, Malaysia, Hong Kong, Macau and Indonesia. While there was relatively little news of major retrenchment exercises in Singapore in the first few months of the pandemic, the end of the circuit breaker period saw several companies — mostly from the badly impacted services sector — making headlines with their layoff announcements. He clocks in four 12-hour days a week, fetching about 80 to 90 per cent of his previous salary. Ship finance bounces back after Deutsche Bank retrenchment DB’s industry lending has fallen sharply since the shipping downturn and 18,000 jobs were axed at the bank, but it’s still in the game with a leaner and fitter book, argues its head of transport Employers must notify MOM within 1 week for any cost-saving measures that affects employees’ salaries. They require a historic drawdown of S$21 billion from Singapore’s past reserves. For those who have found themselves retrenched in 2020, or are currently unemployed and are looking for a job, securing employment in today’s climate will no doubt be tougher than in previous years. Copyright © 2020 Mothership. Cloud hosting by Vodien. Some 1.3 million workers, about one-third of Singapore’s entire workforce, including foreign workers, are forced into “hibernation” as a result of circuit breakers. 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. Who is eligible. Of course, the first step to be taken after one has been retrenched is that of conducting a job search. Singapore Citizens or Permanent Residents, aged 16 years and above, who are presently involuntarily unemployed due to retrenchment or contract termination, or presently on involuntary no-pay leave (NPL) for at least three consecutive months, or presently experiencing reduced total monthly salary of at least 30% for at least … As Nicholas had worked with the company for only one and a half years, he did not receive any benefits, which were granted only to those who had worked two years or longer. Terms apply. The email from the human resources department said the firm was closing down, and he was retrenched with immediate effect. Woodlands had dinosaurs before it was cool. In Singapore’s annual wage guidelines announced yesterday (30 March), the NWC called on employers to conduct retrenchment exercises in a responsible manner. In Singapore’s annual wage guidelines announced yesterday (30 March), the NWC called on employers to conduct retrenchment exercises in a responsible manner. While most of the retrenched workers interviewed started looking for jobs only after they received the pink slip, Frederick (not his real name), a senior technician from the aerospace industry, said that he began looking for alternative employment as early as March, before he was eventually retrenched in July. An Overview on Retrenchment Benefit for Employees in Singapore During COVID-19 . Income $80,000: Business Expenses $15,000 - Deductible Business Expenses $5,000 - Non-Deductible Business Expenses $10,000 Income Subject to Tax ("Taxable Income") According to MOM’s Labour Force Reports, in 2016 there were 200,100 residents who were “own account” workers. | Retrenchment figures have been on the rise so far in 2020. You can read the report on CNA for all the details. COVID-19 Care Package for all employees. If you are retrenched and remain unemployed for at least 4 months, we will pay you a retrenchment benefit for a period of 3 months, up to S$10,000. 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