COVID-19: Retrenchments

[Volvobrick]

  On 7/16/2020 at 3:51 AM, Sdf4786k said:

worst is the fact that the senior management will give rah rah speech and ask everyone to hurdle and stick together during this tough time and get pay cut.

But once the company pickup profit, every single senior management start to reward themselves and happily get amnesia and have entitlement mentality that the leadership is what plow them thru those times.

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The most senior management in the country is in the cupboard, I mean cabinet..... 

[Sdf4786k]

  On 7/16/2020 at 4:13 AM, Volvobrick said:

The most senior management in the country is in the cupboard, I mean cabinet..... 

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I grew up in the era of the 6milion dollar man

Now that there is fake news of 99milion dollar woman, I sort of think inflation is frightening

[ToyotaShuttle]

  On 7/16/2020 at 4:12 AM, BanCoe said:

Make long story short.... My friend worked under him just out fresh from local Uni here, thinking he is stylo milo ,   about 12-14  years back started with EDB under Team Philip Yeo;  Kenna tekan until left right centre & was posted to Sweden for over 5 years and many other countries , now when I met him last year......  all botak and burned out but with so much confidence and talent... like he can sell ice cream to Eskimo's    

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Worth it meh?

[Enye]

  On 7/16/2020 at 4:09 AM, Ct3833 said:

No lah, it is confirmed 6 months will be the max, quite a standard practice for most MNC, and yes, am waiting for it. 😀

I can see that local companies, especially GLC have started hiring local, this is good for locals  who are looking for jobs.

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boss...mom guideline is 1 month per year of service leh

go complain mom...make some trouble for your uk boss

😅

[BanCoe]

  On 7/16/2020 at 4:15 AM, ToyotaShuttle said:

Worth it meh?

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No choice..... it was gruelling but he had the appetite to learn ; he was single then; just got married at 40;  He is in some directorship position now in a pte firm  ; These are the future of Sg with foresight        

[bsswan]

  On 7/16/2020 at 3:27 AM, Icedbs said:

Whether they are listed or not, they all need to report to MOM so the data is there.

If  they don't want to mention the numbers, then might as well don't report the news. It is not news-worthy, since knowing the name of the organisation doesn't tell anything about the severity which is what people needs to know.

It is like saying today we have covid infection but they don't want to release how many were infected. The news is neither meaningful nor helpful.

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We are a very small office, 4ppl, but last year i had to let a guy go and through curtesy and/or confusion on the MoM rule, I gave them a call anyway and got some assistance.

The didn't take any notes, I think, as just a SME with one guy being laid off but at the very least I got some useful information back on how to assist him.

[Hyde333]

  On 7/16/2020 at 4:23 AM, Enye said:

boss...mom guideline is 1 month per year of service leh

go complain mom...make some trouble for your uk boss

😅

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It's just an "MOM guideline". If these so called MNC want to be nasty, they can just exercise the "Notice of Termination of Employment Contract" and MOM/employee can't do anything legally.

[Spurman]

Unfortunately COVID19 gonna cause more damage.

My company which is a wholesale/ trader of M&E, electrical pipings and casing and support channels. Clients are almost 99% construction related. M&E contractors and sub-contractors.

We were affected by COVID-19 from Feb when China closes, coz most steel materials are from China. Feb was okay for my company actually as luckily we stocked up a fair bit b4 China lockdown but come March, we are emptied of goods.  Most goods will arrive in April.

Thus contractors back in march were having less materials to work with.

Also, from Sept last yr, my company "expanded" in a way, to produce, manufacture a product line. Steel trunkings, support system for M&E contractors as well. Machines were bought and setup along the way, and we were ready to make our first steel epoxy coated trunking in March 2020.

Alas, CB came. 95percent of my clients stopped work. So April and May was low revenues, prob 5 to 10% of our regular monthly sales.

We were allowed to open on time-limit exemptions to unload containers of goods from China and India dring the CB Period. As there was no clear indication of a 2nd CB then, we kept the goods coming in. Then 2nd CB in late April. Too late to stop more containers to come as they were on high seas already. Bite the bullet and kept or storage at a all time high levels.

2nd June came as then it was eeriely quiet and hardly any clients of mine managed to start their construction accounts. Payments were damn slow also as everybody used COVID19 as excuse.  We finish off June at around 20% of sales only. Damn bad and sad.

July is still consider slow, and I expect only 30 to 40percent of sales as compared to regular months.

JSS helps soften the blow a bit. Plus some levies rebates etc. We did not implement any pay cuts as we  had workers sticking with us many years. And we thought we can manage by with 2 to 3 mths of much lesser revenues.

Right now, our industry is in big big trouble. For us, suppliers to construction trade. We can operate but our clients mostly cant. We have much less JSS from June. Back to 25percent and no more levies rebates.  We do employ 75% Singaporeans and PR. Construction still enjoys 75% JSS till Aug. and levies rebates till mid July.

But the thing is we are lost about 200k at least for the last 3 mths and we project to burn another 50k to 80k monthly till Sept or Oct, if by then al dorms are cleared of COVID19 lor and contractors can work by then.

We also project 30 to 50% of contractors may be wiped out as they are also losing monies.

I have also been thinking should I start retrenchment or not, but I feel its not being fair to the employees and thus I bite the bullet for now to keep losing monies for the time being.

[Ho2786]

  On 7/16/2020 at 4:12 AM, BanCoe said:

Make long story short.... My friend worked under him just out fresh from local Uni here, thinking he is stylo milo ,   about 12-14  years back started with EDB under Team Philip Yeo;  Kenna tekan until left right centre & was posted to Sweden for over 5 years and many other countries , now when I met him last year......  all botak and burned out but with so much confidence and talent... like he can sell ice cream to Eskimo's    

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your short story still quite long,

so is it good or bad to work under him ?

[Ho2786]

  On 7/16/2020 at 5:11 AM, Spurman said:

Unfortunately COVID19 gonna cause more damage.

My company which is a wholesale/ trader of M&E, electrical pipings and casing and support channels. Clients are almost 99% construction related. M&E contractors and sub-contractors.

We were affected by COVID-19 from Feb when China closes, coz most steel materials are from China. Feb was okay for my company actually as luckily we stocked up a fair bit b4 China lockdown but come March, we are emptied of goods.  Most goods will arrive in April.

Thus contractors back in march were having less materials to work with.

Also, from Sept last yr, my company "expanded" in a way, to produce, manufacture a product line. Steel trunkings, support system for M&E contractors as well. Machines were bought and setup along the way, and we were ready to make our first steel epoxy coated trunking in March 2020.

Alas, CB came. 95percent of my clients stopped work. So April and May was low revenues, prob 5 to 10% of our regular monthly sales.

We were allowed to open on time-limit exemptions to unload containers of goods from China and India dring the CB Period. As there was no clear indication of a 2nd CB then, we kept the goods coming in. Then 2nd CB in late April. Too late to stop more containers to come as they were on high seas already. Bite the bullet and kept or storage at a all time high levels.

2nd June came as then it was eeriely quiet and hardly any clients of mine managed to start their construction accounts. Payments were damn slow also as everybody used COVID19 as excuse.  We finish off June at around 20% of sales only. Damn bad and sad.

July is still consider slow, and I expect only 30 to 40percent of sales as compared to regular months.

JSS helps soften the blow a bit. Plus some levies rebates etc. We did not implement any pay cuts as we  had workers sticking with us many years. And we thought we can manage by with 2 to 3 mths of much lesser revenues.

Right now, our industry is in big big trouble. For us, suppliers to construction trade. We can operate but our clients mostly cant. We have much less JSS from June. Back to 25percent and no more levies rebates.  We do employ 75% Singaporeans and PR. Construction still enjoys 75% JSS till Aug. and levies rebates till mid July.

But the thing is we are lost about 200k at least for the last 3 mths and we project to burn another 50k to 80k monthly till Sept or Oct, if by then al dorms are cleared of COVID19 lor and contractors can work by then.

We also project 30 to 50% of contractors may be wiped out as they are also losing monies.

I have also been thinking should I start retrenchment or not, but I feel its not being fair to the employees and thus I bite the bullet for now to keep losing monies for the time being.

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close company and retire early before you have nothing left to retire on.

[Lala81]

  On 7/16/2020 at 5:24 AM, Ho2786 said:

your short story still quite long,

so is it good or bad to work under him ?

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With mentors or bosses, u can have
a) Highly competent but disregards u as anything other than for him/her to complete her task
b) Highly competent and treats u as a valued member of the team, even if u just buy kopi for him/her
c) Average or below average competence, but also treat u as a valued member
d) the worst of the above. 

Some people, u may leave feeling "used up" by the 1st type, but also you probably gained quite a bit during the experience. 
Everyone wishes to meet the b) but have to see your fate.

Not everyone is suitable to work under Goh Keng Swee, LKY or Philip Yeo. 3 pple well known for not suffering pple whom they deem too slow/incompetent. 

Edited July 16, 2020 by Lala81

[Jman888]

  On 7/15/2020 at 4:26 PM, Icedbs said:

They didn't say how many staff were retrench. 

Why so secretive?  News should be transparent. 

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last night news say 2000, iut of total 7000 employees. 

[Lala81]

  On 7/16/2020 at 5:46 AM, Jman888 said:

last night news say 2000, iut of total 7000 employees. 

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I think it's 3000.

https://forums.hardwarezone.com.sg/eat-drink-man-woman-16/around-3000-out-7000-workers-rws-let-go-most-seem-foreigners-workpass-holders-6337552.html

[BanCoe]

  On 7/16/2020 at 5:24 AM, Ho2786 said:

your short story still quite long,

so is it good or bad to work under him ?

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As I mentioned he kenna tekan left/right and centre from Dr Philip Yeo; but he learnt new things and took on challenges and very confident of himself and is now in private sector; These are the people whom can drive Sg to new heights   

[Spurman]

  On 7/16/2020 at 5:27 AM, Ho2786 said:

close company and retire early before you have nothing left to retire on.

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Wish to. But me still 40 nia. Haha.

Too early.

Also debtor list too much

[Jman888]

  On 7/16/2020 at 5:53 AM, Lala81 said:

I think it's 3000.

https://forums.hardwarezone.com.sg/eat-drink-man-woman-16/around-3000-out-7000-workers-rws-let-go-most-seem-foreigners-workpass-holders-6337552.html

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from CNA news report was 2000.

https://www.channelnewsasia.com/news/singapore/resorts-world-sentosa-lays-off-staff-to-cut-costs-amid-covid-19-12935612

[Mustank]

Heng sell off when $2+

[Victor68]

Wow the timing of the news release is very cleverly timed. Good labour relationship between employers and government. Hope the party directly affected interest are protected by the 2.