DFS Retrenchment

[Throttle2]

now DFS retrench 60 employees 

looks like the Brotherhood grows again...,

[RadX]

https://www.channelnewsasia.com/news/singapore/dfs-offers-better-severance-employees-still-critical-11963096

[Si4dr]

When times is bad, retrenchment is unavoidable. Just can hope is not me😖

But DFS's severance capped at 26weeks/13years is not right......later other company will follow suit and cap at fewer & fewer weeks.

 

 

[Mockngbrd]

So cheapo this dfs. 

[Wt_know]

1 minute ago, Si4dr said:

But DFS's severance capped at 26weeks/13years is not right......later other company will follow suit and cap at fewer & fewer weeks.

26weeks for a $4K salary worker = $26K (gross)?

[Ct3833]

24 minutes ago, Si4dr said:

When times is bad, retrenchment is unavoidable. Just can hope is not me😖

But DFS's severance capped at 26weeks/13years is not right......later other company will follow suit and cap at fewer & fewer weeks.

 

 

They are not out of ordinary,  many MNCs cap at only 6 months payout max,  the lower limit will continue to get lower.

Who to be blamed in this DFS case? The rental is so high , but immigration still tighten the already strict tobacco  and liquor restrictions, forcing them to think hard if they want to continue doing business here after decades . If there is decent money to be made, which business people will want to call it quit ? 

They have to retrench their staff because they have to  close shops, there are many companies out there retrenching staff because they are not making enough profit to meet their ever increasing targets iut of greed, not that they are not making money , in fact many are making good money, who is worse?  I am not defending DFS but for info of those who have not seen the ugly side of MNCs .

As the global economy getting more open and competitive, we are losing a lot of competitive advantages that we used to have in the past , we just have to brace ourselves for more hard time ahead .

Edited October 3, 2019 by Ct3833

[Jman888]

retail industry dun pay much also easy to find job, but then retail is quite dead now.

[Enye]

wah...not standard 2 months pay for every year worked meh?

😥🤑

[Wt_know]

4 minutes ago, Enye said:

wah...not standard 2 months pay for every year worked meh?

😥🤑

i saw last night news reported got a few has worked for > 40 years .... that's 80 months severance pay?

Edited October 3, 2019 by Wt_know

[Sdf4786k]

46 minutes ago, Si4dr said:

When times is bad, retrenchment is unavoidable. Just can hope is not me😖

But DFS's severance capped at 26weeks/13years is not right......later other company will follow suit and cap at fewer & fewer weeks.

 

 

I used to recall , most organisation start by looking at abesentee rate for workers first and then get "rid" of them for performance issue. Then look at the list for those chor boh .. or in the army Lobo type , then have a large pool of money and see which management staff going to retire and give golden handshake

[Enye]

8 minutes ago, Wt_know said:

i saw last night news reported got a few has worked for > 40 years .... that's 80 months severance pay?

standard right? if not how to trade rolex, smoke cigar, live landed, go europe holiday, buy b&b glc full cash etc?

😬😅

[Kusje]

1 hour ago, Si4dr said:

When times is bad, retrenchment is unavoidable. Just can hope is not me😖

But DFS's severance capped at 26weeks/13years is not right......later other company will follow suit and cap at fewer & fewer weeks.

 

 

Huh. 26 weeks is 6.5 mths salary. Why not right?

Severence is to tide you over till you get your next job. Not for you to retire on it.

[Jman888]

13 minutes ago, Kusje said:

Huh. 26 weeks is 6.5 mths salary. Why not right?

Severence is to tide you over till you get your next job. Not for you to retire on it.

for those who work there for 40 years is as good as retire liao.

[Wt_know]

15 minutes ago, Kusje said:

Huh. 26 weeks is 6.5 mths salary. Why not right?

Severence is to tide you over till you get your next job. Not for you to retire on it.

for the lao jio M or D level .... straightaway can parachute to another organisation liao with their wealth of connections and networks

[Dleodleo]

1 hour ago, Throttle2 said:

now DFS retrench 60 employees 

looks like the Brotherhood grows again...,

Actually many many years back they already had one round of retrenchment when they shifted the operations to Hong Kong.   

My cousin was given 2 options last time.  1 was to be posted to Hong Kong or take retrenchment benefits.  She chose the latter.  She received a lot of $ cos she worked there for 30+ years.

Wonder how is the compensation now.

Edited October 3, 2019 by Dleodleo

[Wt_know]

34 minutes ago, Enye said:

standard right? if not how to trade rolex, smoke cigar, live landed, go europe holiday, buy b&b glc full cash etc?

😬😅

it's good to be jobless  .... hearsay, 1 month sell 1 rolex to tie over ... 

[Scion]

Sigh.. 10 years ago during the Great Recession, still got 1 year pay 1 month retrenchment packages

 

Nowadays seem like it's a norm to pay 1 year 2 weeks or worse, 1 year 1 week

[Jusnel]

if it is under unionised, it is 1 month for each year of employment.  

I guess DFS is not under union, that's why give only 2 weeks.