Haiz...retrenchment letter? :(

[Victor68]

On 4/14/2024 at 10:39 AM, Tkseah said:

Retrenchment before reach retirement age is good.  My wife got colleague worked 40 over years for same mnc but did not get severance package like some other colleagues. When she reached retirement age, company converted her to contract, and did not renew the contract after 1 year.  She poor thing end up lugi a lot, not high position and not rich also.. haiz..

There is no law that company has to pay severance or so called 'retrenchment' benefits here in Singapore. Notice of termination with valid reasons such as restructuring, redundancy, etc will suffice. Try talking to MOM 😂 

[Ginyu]

On 4/14/2024 at 10:39 AM, Tkseah said:

Retrenchment before reach retirement age is good.  My wife got colleague worked 40 over years for same mnc but did not get severance package like some other colleagues. When she reached retirement age, company converted her to contract, and did not renew the contract after 1 year.  She poor thing end up lugi a lot, not high position and not rich also.. haiz..

When the retirement age is at 64 then those who took up loan up to 65 then how they continue to service? 🤣

[Benarsenal]

On 4/26/2024 at 7:50 AM, Victor68 said:

There is no law that company has to pay severance or so called 'retrenchment' benefits here in Singapore. Notice of termination with valid reasons such as restructuring, redundancy, etc will suffice. Try talking to MOM 😂 

Exactly

[13177]

On 4/26/2024 at 8:40 AM, Ginyu said:

When the retirement age is at 64 then those who took up loan up to 65 then how they continue to service? 🤣

No worries, retirement age will be 65 by 2030. So most people will hit the 65 retirement age, so took loan up to 65 no problem. 😂

Or if scare, can sell off the house and downgrade to 2 rm flat and full paid the house, no need to service the loan until 65 liao.

Edited April 26, 2024 by 13177

[Scion]

diamond business not doing well ah

 

Quote

 

https://www.channelnewsasia.com/singapore/de-beers-group-office-closure-engaging-employees-relocating-botswana-4295011

Diamond giant De Beers to close Singapore office

The diamond mining giant is moving its auction business headquarters to Botswana. 

 

 

[Tkseah]

On 4/26/2024 at 7:50 AM, Victor68 said:

There is no law that company has to pay severance or so called 'retrenchment' benefits here in Singapore. Notice of termination with valid reasons such as restructuring, redundancy, etc will suffice. Try talking to MOM 😂 

Just saying she would have been better off if retrenched towards the end of her career, so retrenchment is not always bad for the employees..

[Ginyu]

On 4/26/2024 at 10:50 PM, 13177 said:

No worries, retirement age will be 65 by 2030. So most people will hit the 65 retirement age, so took loan up to 65 no problem. 😂

Or if scare, can sell off the house and downgrade to 2 rm flat and full paid the house, no need to service the loan until 65 liao.

Not easy to sell unless at a discount. Looking at sentosa cove W. Volume of resale transactions has dropped recently  The usual if want to sell but who buy. At least HDB still got backup like buy back scheme🤣

Edited April 27, 2024 by Ginyu

[Ct3833]

On 4/27/2024 at 9:27 AM, Scion said:

diamond business not doing well ah

 

 

Moving to somewhere else does not mean not doing well. But moving to one of the world poorest country to do business is strange, maybe easier yo do diamond laundering there.

[Karoon]

On 4/26/2024 at 7:50 AM, Victor68 said:

There is no law that company has to pay severance or so called 'retrenchment' benefits here in Singapore. Notice of termination with valid reasons such as restructuring, redundancy, etc will suffice. Try talking to MOM 😂 

My clients were GLCs and the last retrenchment with benefits I saw among them was like 10 years ago. Since then, they've been putting targeted workers on some 'performance improvement programme' and usually fired after 3 months as did not meet expectation. Now if the gahmen companies do this, pte sector usually follow pattern.

[Benarsenal]

On 4/27/2024 at 10:55 AM, Ct3833 said:

Moving to somewhere else does not mean not doing well. But moving to one of the world poorest country to do business is strange, maybe easier yo do diamond laundering there.

Botswana has a lot of diamond mines. They are one of the better developed African countries.

[mersaylee]

On 4/27/2024 at 10:55 AM, Ct3833 said:

Moving to somewhere else does not mean not doing well. But moving to one of the world poorest country to do business is strange, maybe easier yo do diamond laundering there.

I tink it's the opposite...now...tink fujian...😁

[inlinesix]

On 4/27/2024 at 10:55 AM, Ct3833 said:

Moving to somewhere else does not mean not doing well. But moving to one of the world poorest country to do business is strange, maybe easier yo do diamond laundering there.

Maybe you need to read up more.

De Beers wholesale business comprises of Global Sightholder Sales and Auctions.

Global Sightholder Sales is located in Botswana.  Selected customers are invited to Botswana every year to view Rough Diamonds.

This channel generates 90% of rough diamond sales.

Auctions serve more diverse customers.  Its HQ is in Singapore.

By moving both channels into 1 location, De Beers believe it will generate better efficiency.

[Throttle2]

On 4/27/2024 at 9:40 AM, Tkseah said:

Just saying she would have been better off if retrenched towards the end of her career, so retrenchment is not always bad for the employees..

As i mentioned, retrenchment is the best way to go at the end of career.  💪💪💪💪

[Sosaria]

On 4/17/2024 at 1:45 PM, Spidey10 said:

i am in the market soon for another coe.....hope and pray it comes down...and countdown have started....18 mths to go...

But it keep goings up so even if it dips 18 mths later, it will be back at today's level

There's just no good time to buy a car now in this climate. A person who bought in the beginning of this year is already better off than buying now.

As mentioned in another thread, you could also look at the selling price of your present car as a guide when to let go of it. Wait too long, and the drop in price is precipitous.

Edited April 27, 2024 by Sosaria

[Victor68]

On 4/27/2024 at 9:40 AM, Tkseah said:

Just saying she would have been better off if retrenched towards the end of her career, so retrenchment is not always bad for the employees..

Of course, between getting something and nothing, no comparison. But even 1 year 1 month, 10 years equivalent to only 10 months. To secure a similar paying job within 10 months is another story. When you are 27 years old and after 10 years, you are still at your prime at 37. However, if you are at the end of 40+, or even early 50+, that 10 months will not be of much cushion. 

However, sometimes it could be also a blessing in disguise. All this depends on the individual and opportunities open. Company don't owe us but has that responsibility for staff that have contributed to their success. The should be some protection otherwise staff should always work for their own interest and just do enough to cover what they are paid. Fair?

[mersaylee]

On 4/27/2024 at 1:15 PM, Throttle2 said:

As i mentioned, retrenchment is the best way to go at the end of career.  💪💪💪💪

Macam strike a windfall out of the blue liddat...no blues after that...oh wait...provided loan free...😁

[Ct3833]

On 4/28/2024 at 12:28 PM, mersaylee said:

Macam strike a windfall out of the blue liddat...no blues after that...oh wait...provided loan free...😁

Best timing is when reaching retirment age,  no loss. But if too close to retirement age, company may not want to pay package, they rather gind the person for a few more monts and leave him to natural retirement 

[Benarsenal]

Or company can just say, "Oh we got no money to pay you. Bye bye".

Nothing you can do about it.