Haiz...retrenchment letter? :(

[Throttle2]

On 4/28/2024 at 12:03 PM, Victor68 said:

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?

Like i always say, “its just business”

[Victor68]

On 4/28/2024 at 12:50 PM, Ct3833 said:

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 

If you are reaching 'retirement age' they will offer you a annual contract when you reach 62, follow the law guidelines. So, just don't renew your contract after 1 year. Simple solution. 😆 

[Ct3833]

On 4/28/2024 at 3:07 PM, Victor68 said:

If you are reaching 'retirement age' they will offer you a annual contract when you reach 62, follow the law guidelines. So, just don't renew your contract after 1 year. Simple solution. 😆 

Retirement is 63 since june last year..if given a chance to renew and one has intention to work on, might as well renew it, be it one or three years, every year is upside. 

[Throttle2]

On 4/28/2024 at 3:38 PM, Ct3833 said:

Retirement is 63 since june last year..if given a chance to renew and one has intention to work on, might as well renew it, be it one or three years, every year is upside. 

The choice is not the employees’
annual contract extension is decision of the employer

[Throttle2]

On 4/28/2024 at 3:07 PM, Victor68 said:

If you are reaching 'retirement age' they will offer you a annual contract when you reach 62, follow the law guidelines. So, just don't renew your contract after 1 year. Simple solution. 😆 

If you reach retirement of 63, employer can simply say thank you, good bye, your services not needed anymore.  

that is the meaning of retirement age.

[Vratenza]

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.  💪💪💪💪

Ask you har.... Since u seem very familiar with retrenchment (in a good way)... Is retrenchment amount income taxable? 😅

[Vratenza]

On 4/28/2024 at 5:47 PM, Throttle2 said:

The choice is not the employees’
annual contract extension is decision of the employer

Yups... Approved signed a few annual contract extension myself... Luckily don't have to be the one to reject the extensions.... 

[Throttle2]

You all know why the Govt is raising Retirement Age.

becos people cant retire !  They need the money! 
if they dont raise retirement age to try to keep people gainfully employed, they will have to dish out more welfare dough.

am not saying that its bad, am saying we need to understand and realise the reality we’re in.

 

[Throttle2]

On 4/28/2024 at 6:25 PM, Vratenza said:

Ask you har.... Since u seem very familiar with retrenchment (in a good way)... Is retrenchment amount income taxable? 😅

. Retrenchment package is tax exempted.

[Ct3833]

On 4/28/2024 at 5:47 PM, Throttle2 said:

The choice is not the employees’
annual contract extension is decision of the employer

It is why i said "if given a chance " , but.if one is guven a chance, then he will have a choice to renew or not.

[13177]

On 4/28/2024 at 5:50 PM, Throttle2 said:

If you reach retirement of 63, employer can simply say thank you, good bye, your services not needed anymore.  

that is the meaning of retirement age.

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

[Victor68]

On 4/28/2024 at 5:50 PM, Throttle2 said:

If you reach retirement of 63, employer can simply say thank you, good bye, your services not needed anymore.  

that is the meaning of retirement age.

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. 

[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.