Retrenched!!

[lifeafter41]

A friend called me up on Tuesday to tell me that he has been let go by his company on 1st Dec 08. What a lousy Christmas and 2009 New Year will be for him.

While did not really ask him about his compensation plan, understand it could be a month pays for every year service.

After talking to him for a while, he asked me whether got any lobang for new job, and told me pay is negotiable.

Are we going to see more of this soon, come Jan 09

 

[pfingo]

full effect coming in 2009 :(

 

[Leegimeremover]

A friend called me up on Tuesday to tell me that he has been let go by his company on 1st Dec 08. What a lousy Christmas and 2009 New Year will be for him.

While did not really ask him about his compensation plan, understand it could be a month pays for every year service.

After talking to him for a while, he asked me whether got any lobang for new job, and told me pay is negotiable.

Are we going to see more of this soon, come Jan 09

USA Nov unemployment reached record high since 1974, Germany forecasts -4% growth next year, UK predicts more than 20,000 cases of corporate bankruptcies, Turkey delays IMF bailout, Japan is going negative growth next year, China is on the brink of riots due to unemployment, Korean Won and power economic performance threatens country. What more do you need for a golden period?

 

[TeeKee]

Singapore may face years of slow growth after recession
Fri Dec 5, 2008
(Updates with details, quotes)

By Neil Chatterjee and Kevin Lim

SINGAPORE, Dec 5 (Reuters) - Singapore's economy, already in recession, may shrink in 2009 and face slow growth for years to come, the country's prime minister said, as the export-dependent city-state is hit by the fallout from the world economic crisis.

Lee Hsien Loong, at a lunch hosted by Singapore's Foreign Correspondents Association, said it was not government policy to weaken its currency -- a move that could help exporters but hurt the country's standing as place for investment.

"Singapore must be prepared for several years of slow growth," he said. "Even the most pessismistic bears did not anticipate the consequences of the bubbles," Lee added, referring to U.S. subprime housing woes and global trade imbalances.

The central bank, which sets monetary policy by managing the Singapore dollar against a secret basket of currencies, in October switched from allowing a gradual rise in the currency to a neutral stance of zero appreciation.

Some commentators expect the central bank to ease policy further by letting the currency weaken ahead of its next scheduled review in April.

Lee, the son of Singapore's founding father and former Prime Minister Lee Kuan Yew, is facing his biggest test since taking office four years ago, with the country's top trading partners the United States and Europe in recession and growth in Asian neighbours slowing.

Lee said policies to boost the economy would take effect immediately after being announced in an expansionary January budget. The government would partly rely on construction to help growth with project costs coming down, he said.

"It makes sense for us to take advantage of that," Lee said. "The budget emphasis will be on jobs." He expects unemployment to rise, particularly in manufacturing, which accounts for about a quarter of the economy.

Last month, the government pledged to spend S$2.3 billion ($1.5 billion) to help firms get credit and said it would run a larger budget deficit to support an economy that it said could shrink 1 percent in 2009 and at best would expand 2 percent.

BANKING SECRECY

The government is trying to diversify away from manufacturing into service industries such as tourism and finance.

Singapore's banks have not suffered huge writedowns on risky debts unlike peers in the United States and Europe, though top bank DBS Group (DBSM.SI: Quote, Profile, Research, Stock Buzz) said last month it would cut 900 jobs after suffering a 38 percent drop in quarterly profit.

Lee said Singapore may face political pressure from the European Union and the United States over its role as a financial centre for rich foreigners, following a landmark deal by offshore haven Liechtenstein with the United States to drop bank secrecy in cases of tax evasion.

"I expect Singapore to come under pressure too," he said in response to a question on whether pressure on countries like Liechtenstein and Switzerland will help private banks based in Singapore.

The government has previously denied suggestions that the country is a tax haven. It has strict bank secrecy laws and has been promoting itself as a rival financial centre to Hong Kong to attract banks such as UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz), Credit Suisse (CSGN.VX: Quote, Profile, Research, Stock Buzz) and Citigroup (C.N: Quote, Profile, Research, Stock Buzz) to manage money for rich clients. (Editing by Jan Dahinten)

 

[Zeitgeist]

Swiss Standard of living, more good years and golden period.

Where have all the fouled words gone? Long time passing!

 

[R4g3]

Swiss Standard of living, more good years and golden period.

Where have all the fouled words gone? Long time passing!

the minute when they say it i am already laughing out loud. I check the date to see whether is it 1st of Apr. I think I am already numb to it since the day they say we will get in world cup in 2010(cant remember the year) .

 

[Whats4]

Swiss Standard of living, more good years and golden period.

Where have all the fouled words gone? Long time passing!

of cos they r not wrong. just look at history, after the golden period is the gradual decline. :(

 

[singveld]

who care about christmas and new year.

i am waiting for retrenchment for years, build up saving for years.

plan for retrenchment. dun be afraid of it.

 

[Zeitgeist]

the minute when they say it i am already laughing out loud. I check the date to see whether is it 1st of Apr. I think I am already numb to it since the day they say we will get in world cup in 2010(cant remember the year) .

It was December 1998 when the Quitter married to an angmoh's daddy said that!

 

[makapaaa]

 

[kuntakinte]

Some twenty years ago, my colleague was given a "Big Ang Pow", it was the best gift that our MD had given him - one month pay in accordance to the employment contract and a marching order. He was a hard working guy but his bad interpersonal skill killed him, he was poisoned by his superior.

About 10 years ago, I was retrenched due to economic situation. Subsequently, it happened to me twice again. As the wise old saying, "Once bitten, Twice shy. Twice bitten, Never Try", of which, I heed.

I told myself, Fuck it, I dun need these fucking jobs...... I decided to be my own boss. Armed with $4k, I started my business and slog it out. Today, I am still driving my lorry, making my money, and show my middle finger to those employment agencies that disguised "headhunting firms".

Till today, I am still asking myself, who needs a fucking job anyway? Why the fuck getting yourself screwed over and over again by these so call "caring" employers and tripartite relationship as that Shit Say puts it ?

Oh..... I also learn another thing..... NEVER BELIEVE AND TRUST PAP CRAPS AND SHITTY PRESS HOLDING !!!

A friend called me up on Tuesday to tell me that he has been let go by his company on 1st Dec 08. What a lousy Christmas and 2009 New Year will be for him.

While did not really ask him about his compensation plan, understand it could be a month pays for every year service.

After talking to him for a while, he asked me whether got any lobang for new job, and told me pay is negotiable.

Are we going to see more of this soon, come Jan 09

 

[matrix]

agree wif u fully kanina those pap ministers n mps r just talking craps to keep their well paying post
since when have the govt look after welfare of the struggling poor
SPH is govt media channel we only read n hear wat the govt wants us to hear

 

[chinchai]

Are we going to see more of this soon, come Jan 09

Pretty sure there will be more of these in the next 6 months :(

 

[TeeKee]

Till today, I am still asking myself, who needs a fucking job anyway? Why the fuck getting yourself screwed over and over again by these so call "caring" employers and tripartite relationship as that Shit Say puts it ?

Oh..... I also learn another thing..... NEVER BELIEVE AND TRUST PAP CRAPS AND SHITTY PRESS HOLDING !!!

i believe the rampant nepotism practised by the pap have an impact on the govt. linked cos profitabilities..thereby causing so many layoff so often...due to poor performance.

 

[NissanViP]

Some twenty years ago, my colleague was given a "Big Ang Pow", it was the best gift that our MD had given him - one month pay in accordance to the employment contract and a marching order. He was a hard working guy but his bad interpersonal skill killed him, he was poisoned by his superior.

About 10 years ago, I was retrenched due to economic situation. Subsequently, it happened to me twice again. As the wise old saying, "Once bitten, Twice shy. Twice bitten, Never Try", of which, I heed.

I told myself, Fuck it, I dun need these fucking jobs...... I decided to be my own boss. Armed with $4k, I started my business and slog it out. Today, I am still driving my lorry, making my money, and show my middle finger to those employment agencies that disguised "headhunting firms".

Till today, I am still asking myself, who needs a fucking job anyway? Why the fuck getting yourself screwed over and over again by these so call "caring" employers and tripartite relationship as that Shit Say puts it ?

Oh..... I also learn another thing..... NEVER BELIEVE AND TRUST PAP CRAPS AND SHITTY PRESS HOLDING !!!

Although your words is pretty harsh, I do agree with you.
I have not yet experience like yours, surely I will someday and I am readily looking forward to earn on my own.

Your words is wisdom indeed.

 

[TeeKee]

Although your words is pretty harsh, I do agree with you.
I have not yet experience like yours, surely I will someday and I am readily looking forward to earn on my own.

Your words is wisdom indeed.

actually the so-called union is responsible for maintaining low wages in SGP as inflation has surged over the decades, all in the name of economic competitiveness...while HK wages raises together with their housing, and yet they could still remain competitive...

if you plot the graph of the HDB flats prices against our wages over the decades, you will know why.

maybe someone can plot a graph of total tax payable per average person vs the wages over the decades...would be interesting to know..the difference.

 

[halsey02]

A friend called me up on Tuesday to tell me that he has been let go by his company on 1st Dec 08. What a lousy Christmas and 2009 New Year will be for him.

While did not really ask him about his compensation plan, understand it could be a month pays for every year service.

After talking to him for a while, he asked me whether got any lobang for new job, and told me pay is negotiable.

Are we going to see more of this soon, come Jan 09

Fri, Dec 05, 2008
Reuters

>A GLOBAL depression is unlikely to happen because governments have learned lessons from the world economic meltdown in the 1930s, Singapore Prime Minister Lee Hsien Loong said on Friday.>

Don't worry his total renumeration deduction will be only for one year, so, tell your friend to rough it out for twelve months, as predicted by LHL. He share your friend PAIN!

In the meantime, remind him that Stinkpower MDA, Town Council etc...will get jolly displeased if your friend, have no money to pay them.

Don't worry lah!..one year only!

 

[johnny333]

Are we going to see more of this soon, come Jan 09

You better believe its going to get worst. The US just reported their highest job losses, they lost 533,000 layoffs last month.

If the 3 auto makers don't get a bailout theres going to be lots more umemployed. Its also bad in Europe plenty of companies are down sizing. Spore is guaranteed to get hit but they will of course try to cover up just how bad it is.

This recession is going to bring down gov'ts & I think Spore is going to be one of those countries.

 

[kuntakinte]

No... no.... no..... dun look forward to that "someday".

Get yourself prepared first, do some survey and talk to those that are in the trade that you are interested in. Find out what they are doing and ask yourself why they are not doing things the logical way. Ask yourself the question,"How can I be different from these people and yet still make profit."

Like a coffee shop owner that I know. It was easy money to rent out your store and make money from there. But, if the stores keep changing hands, your customers will frown. He has a store designated for Indian food but every hawker came and went. They could not hold on for more than 3months. Why ? To these hawkers, it was long hours and miserable income, these morons are looking for long hours and huge income - if possible, 20K profit per month !!!! What did the coffee shop owner do ? He hired FTs on 2 years contract, and they worked for him at the designated Indian Food store - long hours, 12 hours per day, 7 days a week. No complain, as they were given lodging and food.

Now, the coffee shop owner laughs his way to the bank. Food is ok, service is also ok.

Although your words is pretty harsh, I do agree with you.
I have not yet experience like yours, surely I will someday and I am readily looking forward to earn on my own.

Your words is wisdom indeed.

 

[jesus]

Too small cannot read. When is this news btw?