2016 Recession Year? Gloom and doom 2017!

[Enye]

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

U can't just contribute to Ordinary alone.

 

maybe SA and MA are at ceiling already?

 

[Spring]

maybe SA and MA are at ceiling already?

 

Medisave can hit ceiling but SA don't have ceiling so some % will be channeled there for sure so bottom line is not all cash contribution will be deposited to Ordinary no matter what age you are.

[Wt_know]

yalor ... OA still can use to cheong property but SA is like can see cannot touch ...

treat it as tax collection for next generation

 

Medisave can hit ceiling but SA don't have ceiling so some % will be channeled there for sure so bottom line is not all cash contribution will be deposited to Ordinary no matter what age you are.

 

Edited June 10, 2016 by Wt_know

[Voodooman]

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.

I am not saying they cannot retrench, if the business fails, more people will lose their jobs but your earlier post is very pro business (I may have misunderstood you as this is a forum and it can be hard to articulate your full position). But I think there should be laws to protect workers as well.

[Porker]

I am not saying they cannot retrench, if the business fails, more people will lose their jobs but your earlier post is very pro business (I may have misunderstood you as this is a forum and it can be hard to articulate your full position). But I think there should be laws to protect workers as well.

Yes agreed.

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

Remuneration must be given due consideration as well. The traders should draw much higher salaries and command higher bonuses relative to the casino staff who were retrenched hence it is easier for the casino to give out benefits in the tens of thousands and "look good".

[Yewheng]

I am not saying they cannot retrench, if the business fails, more people will lose their jobs but your earlier post is very pro business (I may have misunderstood you as this is a forum and it can be hard to articulate your full position). But I think there should be laws to protect workers as well.

There are already laws to protect workers, aka, if bosses sack employee because she is pregnant, bosses will tio from mom, plus many more which I am not very familiar with. But I am sure there are really quite a lot of things put in place to protect workers.

 

The problem now is, if government continue to micro-manage companies and put even more measures in place to protect workers, it may backfire. The current set of laws in place to protect workers already quite good lao. I feel anything more will led to employer to make it less favourable to hire Singaporeans because of too many laws to protect them and if little bit wrong can tio big fine, they might as well minimise the risk by hiring as little Singaporeans as possible. Some may shift to other countries due to too difficult to deal with government from micromanaging, end up it would be worst.

Edited June 10, 2016 by Yewheng

[Porker]

There are already laws to protect workers, aka, if bosses retrench employees because she is pregnant, bosses will tio from mom, plus many more which I am not very familiar with. But I am sure there are really quite a lot of things put in place to protect workers.

 

The problem now is, if government continue to micro-manage companies and put even more measures in place to protect workers, it may backfire. The current set of laws in place to protect workers already quite good lao. I feel anything more will led to employer to make it less favourable to hire Singaporeans because of too many laws to protect them and if little bit wrong can tio big fine, they might as well minimise the risk by hire as less Singaporeans as possible. Some may shift to other countries due to too difficult to deal with government from micromanaging, end up it would be worst.

If you're not familiar then how can you be sure?

[Yewheng]

If you're not familiar then how can you be sure?

I know roughly, and really quite a lot of measures in place. I cannot post in forum where what I know is not 100% accurate leh. But from my understanding really have many measures in place.

[Porker]

I know roughly, and really quite a lot of measures in place. I cannot post in forum where what I know is not 100% accurate leh. But from my understanding really have many measures in place.

 

A cursory glance of MOM's page on responsible retrenchment shows:

 

1) Employees with more than 2 years of service are eligible for retrenchment benefits while those with less than 2 years service could be granted goodwill payment

 

2) The compensation amount depends on the agreement failing which the employee has to negotiate with the employer

 

I highlighted the 2 points above because monetary compensation is the most important. The "measures" are the proverbial equivalent of "go f*** yourself". Balanced concrete measures are welcome.

 

Please let me know if I missed an entire list of measures because I can only find that one (web) page and a tripartite guidelines.

Edited June 10, 2016 by Porker

[Pinobii]

Agree entirely with porker and voodooman

 

If it is inevitable to retrench, then compensate fairly

 

No one is saying that company cannot retrenched if times are bad

 

know enough on how people are being let go

 

End of the day, since theres little protection for executives, better save enough to prepare for rainy day, never know when and

 

Its always the sudden shock which hits people really badly

 

Some folks never really recover from retrenchment, thats the cruel fact of life

[Yewheng]

A cursory glance of MOM's page on responsible retrenchment shows:

 

1) Employees with more than 2 years of service are eligible for retrenchment benefits while those with less than 2 years service could be granted goodwill payment

 

2) The compensation amount depends on the agreement failing which the employee has to negotiate with the employer

 

I highlighted the 2 points above because monetary compensation is the most important. The "measures" are the proverbial equivalent of "go f*** yourself". Balanced concrete measures are welcome.

 

Please let me know if I missed an entire list of measures because I can only find that one (web) page and a tripartite guidelines.

Okay, thanks. I thought I kept reading news government like have a lot of measures in place, like recently said employers have to show they had to exhaust all their means on every way possible before they are allowed to retrench people.

 

I take back my words. So weird.

Edited June 10, 2016 by Yewheng

[Lala81]

A cursory glance of MOM's page on responsible retrenchment shows:

 

1) Employees with more than 2 years of service are eligible for retrenchment benefits while those with less than 2 years service could be granted goodwill payment

 

2) The compensation amount depends on the agreement failing which the employee has to negotiate with the employer

 

I highlighted the 2 points above because monetary compensation is the most important. The "measures" are the proverbial equivalent of "go f*** yourself". Balanced concrete measures are welcome.

 

Please let me know if I missed an entire list of measures because I can only find that one (web) page and a tripartite guidelines.

 

A lot of pattern they can play with the number 1.

 

Think the RWS guy also mentioned in the article, he didn't take the "bronze" handshake, so he kana sacked in 1 month time for poor performance.

When my dad was at the tail end of his career, 2 years before his end, everyone was retrenched except him. They kept him on for 2 years to let him retire cos the retrenchment benefits outweighted his salary for 2 years.  

Basically he just sat doing simple work for 2 years. Well at least it let him adjust to a retiree's life 

[Kusje]

A lot of pattern they can play with the number 1.

 

Think the RWS guy also mentioned in the article, he didn't take the "bronze" handshake, so he kana sacked in 1 month time for poor performance.

When my dad was at the tail end of his career, 2 years before his end, everyone was retrenched except him. They kept him on for 2 years to let him retire cos the retrenchment benefits outweighted his salary for 2 years.  

Basically he just sat doing simple work for 2 years. Well at least it let him adjust to a retiree's life 

 

Why play with number 1 when number 2 doesn't even state the compensation you are entitled to? 

[Lala81]

Why play with number 1 when number 2 doesn't even state the compensation you are entitled to? 

 

no.2 doesn't help if the company no $ also right.

 

MNC retrench you, maybe can get retrenchment benefit. 

SME pay you and your cpf on time already arm chio liao. If really need to retrench, got your last month salary considered good liao 

 

Anyway think all the countries with tough labour laws are in Europe.

Everywhere else is weak or have militant unions like south korea. Unions aren't that strong in the USA also.

[Yeobt]

PRC/foreigners now perceive SG as being unfriendly to them in terms of immigration + asset purchases compared to last time, thats why if u goto melbourne etc u will still see lots of PRC there shopping n buying properties. vancouver, LA etc all flooded with PRC. nobody comes to SG anymore

 

SG isnt a great place to migrate to anymore hence less reason to spend time here + there r no new attractions

 

foreign friends (indo) i know say, ppl who have higher budget to spend would travel to HK or even further to US or Australia.

[Mkl22]

A lot of pattern they can play with the number 1.

 

Think the RWS guy also mentioned in the article, he didn't take the "bronze" handshake, so he kana sacked in 1 month time for poor performance.

When my dad was at the tail end of his career, 2 years before his end, everyone was retrenched except him. They kept him on for 2 years to let him retire cos the retrenchment benefits outweighted his salary for 2 years.

Basically he just sat doing simple work for 2 years. Well at least it let him adjust to a retiree's life

Actually retrenchment benefits are not a must. They could have given the earlier employees they retrench but not the later batches. So if one knows the company is not doing well. Better take the 1st retrenchment and get the money before the money runs out.

[Lala81]

foreign friends (indo) i know say, ppl who have higher budget to spend would travel to HK or even further to US or Australia.

 

In the scheme of things, we aren't that attractive lah. 

That's why we keep trying to bring SEA together into hopes of being a more integrated market. So that MNCs will set up base here to do their business here. 

 

 

It helps that 

a) JKT has massive traffic jams and slow bureaucracy and flooding (we only have PONDING!)

b) BKK has political instbaility

c) KL has 1MDB 

d) Manilla now has Duterte 

Actually retrenchment benefits are not a must. They could have given the earlier employees they retrench but not the later batches. So if one knows the company is not doing well. Better take the 1st retrenchment and get the money before the money runs out.

 

my father was hoping to get retrenched but no luck 

[Wt_know]

Brexit ... mai spread fear mai spread fear ...

Edited June 11, 2016 by Wt_know