Haiz...retrenchment letter? :(

[Scion]

bad thing about retrenchment is.... next year still need to pay this year's income tax

double whammy if next year still can't find job

[Spidey10]

On 4/27/2024 at 2:25 PM, Sosaria said:

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.

paper value only for current car....might as well drive till end of coe....just can't stomach paying so much to drive....

[Throttle2]

On 4/28/2024 at 9:26 PM, 13177 said:

If employer don’t want to re-employment you, no need to pay EAP and can like that say bye bye to you?

EAP just pay lor. Small money

[Throttle2]

On 4/28/2024 at 9:29 PM, Victor68 said:

True but they want to show they are supportive of government initiative and would generally try to fit you in somewhere for another year. Terminating immediately also mean should pay something for the past years of services lah. 

Its retirement upon age as per the law.  
it is not retrenchment so there isnt any need to consider past years of service.

Only give a small token sum for wayang

[Throttle2]

On 4/28/2024 at 11:02 PM, Scion said:

bad thing about retrenchment is.... next year still need to pay this year's income tax

double whammy if next year still can't find job

I know what you mean but you viewing it wrongly

Thats not the bad thing about Retrenchment.  Thats the bad thing about Taxes. 

Whether Retrench or Not, your taxes still have to pay. Good thing is retrenchment package not taxable. 
 

if you dont budget or save to pay for taxes, then its high time to do so.   
everyone should but not everyone does

If you dont set aside a sum of money to cover taxes then you are kicking the can down the road by working to pay and you will never stop paying if you continue working. Thats the trap

heeheerhee

[Beehive3783]

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..

Wow that company ba5tard sia. 

[Tkseah]

On 4/29/2024 at 10:55 AM, Beehive3783 said:

Wow that company ba5tard sia. 

The company did not break any employment laws. Just that the company have been constantly outsourcing bit by bit and retrenching staff along the way.  But she was not lucky enough to be retrenched.

It's ironical that redundant staff retrenched gets more...

Edited April 29 by Tkseah

[Beehive3783]

On 4/29/2024 at 11:21 AM, Tkseah said:

The company did not break any employment laws. Just that the company have been constantly outsourcing bit by bit and retrenching staff along the way.  But she was not lucky enough to be retrenched.

It's ironical that redundant staff retrenched gets more...

Yes, no laws broken. But ba5tard company regardless.

[t0y0ta]

On 4/28/2024 at 11:02 PM, Scion said:

bad thing about retrenchment is.... next year still need to pay this year's income tax

double whammy if next year still can't find job

You need to save much more than the income tax payable lah.

And usually it is only a small percent of the take home- maybe 10+%?

[mersaylee]

On 4/29/2024 at 11:32 AM, Beehive3783 said:

Yes, no laws broken. But ba5tard company regardless.

Sometimes it's not the company but the bustard decision maker...one hand covers the sky type...buay song can suka suka...if song anything also can 😂

[Vratenza]

On 4/29/2024 at 11:38 AM, t0y0ta said:

You need to save much more than the income tax payable lah.

And usually it is only a small percent of the take home- maybe 10+%?

you see MCFers no up? Many here at least 2X %

😁

[Vratenza]

On 4/29/2024 at 10:02 AM, Throttle2 said:

I know what you mean but you viewing it wrongly

Thats not the bad thing about Retrenchment.  Thats the bad thing about Taxes. 

Whether Retrench or Not, your taxes still have to pay. Good thing is retrenchment package not taxable. 
 

if you dont budget or save to pay for taxes, then its high time to do so.   
everyone should but not everyone does

If you dont set aside a sum of money to cover taxes then you are kicking the can down the road by working to pay and you will never stop paying if you continue working. Thats the trap

heeheerhee

I buay gam wan pay income tax one lump sum....

Every year I will put aside the full sum in Fixed-D or T-bills for 1 year, then slowly giro pay my income tax over 12 monthly instalment. if really kenna retrench can still use my 6mth salary cash savings to pay off the income tax giro and any other monthly expenses.

 

[Throttle2]

On 4/29/2024 at 10:55 AM, Beehive3783 said:

Wow that company ba5tard sia. 

Its not b**tard.  Its business

[Ct3833]

On 4/28/2024 at 11:02 PM, Scion said:

bad thing about retrenchment is.... next year still need to pay this year's income tax

double whammy if next year still can't find job

Same thing for retirement, one will have to cater for about up to 17 months of income tax installment from the day he stops work, assuming he retires on Dec of the year.

.

Edited April 29 by Ct3833

[Ct3833]

On 4/29/2024 at 7:45 AM, Spidey10 said:

paper value only for current car....might as well drive till end of coe....just can't stomach paying so much to drive....

If paper value, just keep on driving it till the end, unless after T bill, investment etc, pocket still  have excess cash. 

[13177]

On 4/29/2024 at 12:50 PM, mersaylee said:

Sometimes it's not the company but the bustard decision maker...one hand covers the sky type...buay song can suka suka...if song anything also can 😂

This one is true. Esp if the decision maker has work in the company for decades, so thought the company already belong to him/her, make decision based on what his/her own liking.

[Victor68]

We all know there are plenty of loopholes to remove employees. First and most effective means to protect yourself is your value to that organisation. Are you overpaid or doing enough to justify what you are getting?

In difficult times, how the government protect the locals against cheap labour. 

[Spidey10]

On 4/29/2024 at 9:55 PM, Ct3833 said:

If paper value, just keep on driving it till the end, unless after T bill, investment etc, pocket still  have excess cash. 

yes, no point to change, and these are also critical years on the maintenance of the car.....either pump in some $$ to replace the parts and do preventive maintenance and then renew COE....that's why praying hard for COE to come down, but will it ....