2016 Recession Year? Gloom and doom 2017!

[hsl118]

Avoid telcos for the time being due to the uncertainty over who is number 4.. unless the proverbial "go defensive go long" still works for you.

[Myxilplix]

6 months later hire new staff again but at lower starting pay   

[Scion]

Cannot like this la, it is best for private sector to do what's the best for them to survive. Sometimes job cuts are inevitable, cannot say because of this want government to do something to protect them for rogue practices.

 

Do you know that if government would to come out with policy as above to protect Singaporeans for any private companies to not to fire people and if fire must be justified. Do you know what will happen? A lot of companies will then try their best to stay away to hire Singaporeans as they do not want to face so much trouble later on. This is worst as compared to private companies set their own market. Government cannot control everything and is not God. What is worst is they find it too difficult to set up companies in Singapore, pack up and leave. The side effect is very bad and not a really good idea for government to step in.

 

 

I agree with you

 

Singapore has been pro-business and free market

 

if businesses are so bad yet companies are stopped from cutting headcounts, they will surely pack up and go

 

but I hope govt will do more to help the retrenched bunch (referring to Singaporeans of cos!)

 

maybe can provide more subsidies or GST rebates for necessities such as food, transport and kids' educations 

 

once successfully find a new job, these subsidies and rebates will be removed

[Throttle2]

6 months later hire new staff again but at lower starting pay

Abo then...

haiz

 

“RWS first offered us a voluntary retrenchment scheme with a package of half a month’s salary for every year of service. Whoever wanted to volunteer, they just give it to them first,” said the pit manager, who requested anonymity. “After that, they informed us they would be firing some of us in one week’s time.”

 

“My wife is in terrible shock; she’s been crying the whole day … Some of my colleagues had just bought houses. Not even one month yet then this thing happen … The whole resort world casino staff, there is so much stress, they are traumatized, wondering if they will be called up next,” he said.

 

“They did not give us a chance to negotiate. All this wasn’t done very professionally. They showed no empathy. Moreover we are the opening team and they do this to us,” he said, requesting anonymity. “They should have got us together to negotiate and come up with some consensus so we can keep up our jobs, instead of just telling us you’re finished and leaving us high and dry ... It doesn’t just affect us, what about our children, parents, homes? We are just a number to them.”

 

 

most of the retrenched staff are foreigners though... good luck to them

 

"Just bought houses...."

 

Not good.

[Throttle2]

haiz

 

“RWS first offered us a voluntary retrenchment scheme with a package of half a month’s salary for every year of service. Whoever wanted to volunteer, they just give it to them first,” said the pit manager, who requested anonymity. “After that, they informed us they would be firing some of us in one week’s time.”

 

“My wife is in terrible shock; she’s been crying the whole day … Some of my colleagues had just bought houses. Not even one month yet then this thing happen … The whole resort world casino staff, there is so much stress, they are traumatized, wondering if they will be called up next,” he said.

 

“They did not give us a chance to negotiate. All this wasn’t done very professionally. They showed no empathy. Moreover we are the opening team and they do this to us,” he said, requesting anonymity. “They should have got us together to negotiate and come up with some consensus so we can keep up our jobs, instead of just telling us you’re finished and leaving us high and dry ... It doesn’t just affect us, what about our children, parents, homes? We are just a number to them.”

 

 

most of the retrenched staff are foreigners though... good luck to them

No chance to negotiate , yes normal

No empathy, yes normal

Just a number to them, yes normal

 

Dont live in fantasy island......

[Kusje]

If the retrenchment is really needed, then compensation should be provided to help people tide over the difficult period

 

In this case, if people dont volunteer to be retrenched, they got terminated. This leaves bad record on the employees career esp when reference checks are made

 

Reference is made to other countries, i dont see their locals not being hired because of pro employees labour law, instead foreign companies go in with an open mind and are prepared to work within the boundary

 

Sorry hor.

 

Retrenchment package is considered goodwill payment. My employment contract states 1 month notice from either party (dun need to provide reason).

No chance to negotiate , yes normal

No empathy, yes normal

Just a number to them, yes normal

 

Dont live in fantasy island......

 

But funtasy island is okay right?

[Lala81]

Didn't some article some time back say most of the casino jobs went to foreigners?

 

So when they retrench, likely most will be foreigners too?

 

I think there is a fair number of singaporeans doing the gambling side actually. But yeah there are malaysians/Filipinos as well.

 

Used to see them as patients.

[inlinesix]

Actually, RWS has been giving out bad news for some times. As ground staffs, these ppl should have sense the lack of big fish on floor nowadays.

[Voodooman]

Cannot like this la, it is best for private sector to do what's the best for them to survive. Sometimes job cuts are inevitable, cannot say because of this want government to do something to protect them for rogue practices.

 

Do you know that if government would to come out with policy as above to protect Singaporeans for any private companies to not to fire people and if fire must be justified. Do you know what will happen? A lot of companies will then try their best to stay away to hire Singaporeans as they do not want to face so much trouble later on. This is worst as compared to private companies set their own market. Government cannot control everything and is not God. What is worst is they find it too difficult to set up companies in Singapore, pack up and leave. The side effect is very bad and not a really good idea for government to step in.

There must be a balance, if no union and regulations, companies can just fire without any compensation and hire everyone on contracts (it is happening anyway). We are talking about human beings here, got family to feed, got commitment, got feelings... Hahaha... But we need to help good businesses survive and ride through cycles as well but shareholders is king these days, so the trend is not in favor of workers.

[Voodooman]

Didn't some article some time back say most of the casino jobs went to foreigners?

 

So when they retrench, likely most will be foreigners too?

IIRC, Sands has earlier committed to hire more locals (think 70% are locals) but RWS didn't have that policy, so you might be right.

[inlinesix]

There must be a balance, if no union and regulations, companies can just fire without any compensation and hire everyone on contracts (it is happening anyway). We are talking about human beings here, got family to feed, got commitment, got feelings... Hahaha... But we need to help good businesses survive and ride through cycles as well but shareholders is king these days, so the trend is not in favor of workers.

Union fight for worker welfare meh?

[Yeshe]

Abo then...

 

 

"Just bought houses...."

 

Not good.

They didn't mention about the new car also

[Yewheng]

There must be a balance, if no union and regulations, companies can just fire without any compensation and hire everyone on contracts (it is happening anyway). We are talking about human beings here, got family to feed, got commitment, got feelings... Hahaha... But we need to help good businesses survive and ride through cycles as well but shareholders is king these days, so the trend is not in favor of workers.

Rws already did their best. They even inform mom before hand many months ahead that they are likely to cut headcount and then alliance with mom to see what other option beside retrench people. I believe it is really last resort that they had to do it inorder to survive. So that already a balance act. This is better way for companies to see what is the best option beside retrench people only until last resort then no choice but to retrench people rather then set what union etc for protection act against retrench people.

Edited June 10, 2016 by Yewheng

[Wt_know]

it's an admittance that RWS target customers are PRC crooks and corrupts ? lol

 

With Chinese president Xi Jinping’s crackdown on corruption and the world’s second largest economy slowing down, fewer Chinese VIPs are arriving on our shores to gamble.

This, in turn, has affected RWS, which is letting go of about 400 employees (out of its 12,000-strong staff).

Edited June 10, 2016 by Wt_know

[Wyfitms]

Rws already did their best. They even inform mom before hand many months ahead that they are likely to cut headcount and then alliance with mom to see what other option beside retrench people. I believe it is really last resort that they had to do it inorder to survive. So that already a balance act. This is better way for companies to see what is the best option beside retrench people only until last resort then no choice but to retrench people rather then set what union etc for protection act against retrench people.

 

 

yes, from my own experience, RWS has been quite fair to the affected workers. I have also known of larger corporations getting rid of staff in questionable ways.

 

this is also quite interesting to read:

 

http://www.zerohedge.com/news/2016-06-09/day-life-several-hundred-laid-nomura-traders

[Wyfitms]

it's an admittance that RWS target customers are PRC crooks and corrupts ? lol

 

isn't it an open secret that is one of the main functions of casinos?

 

opening casino is part of PAP's strategy to be number one for financial services in the world

[Spring]

I max out CPF.

 

Cash is kept as buffer.

 

If necessary, juz transfer cash into CPF to pay off loan lor.

 

Anyway, home loan cleared in 10 yrs.

 

Cash contribution to CPF will be channeled to the 3 a/cs Ordinary, Medisave and Special.

U can't just contribute to Ordinary alone.

[Kusje]

yes, from my own experience, RWS has been quite fair to the affected workers. I have also known of larger corporations getting rid of staff in questionable ways.

 

this is also quite interesting to read:

 

http://www.zerohedge.com/news/2016-06-09/day-life-several-hundred-laid-nomura-traders

 

The bank went on a cost-cutting drive and, under the direction of a new compliance team hired from UBS Group AG, started to clamp down on even minor breaches to company rules. Staff members were chastised for sending presentations to their personal e-mail accounts to work on over the weekend. One group of traders was threatened with dismissal after being caught on closed-circuit TV stealing candy from a vending machine. 

 

This is considered "minor breaches to company rules" ah?