COVID-19: Retrenchments

[Atonchia]

39 minutes ago, Voodooman said:

 

MBS next? 

MBS already 1st to cut some position very early on right? 

[Throttle2]

Just spoke to PR today, he works in MNC. Told me that his company will also be retrenching at least 200 .

Hang in there, its gonna be a rough ride.

cash is KING, yeah!

 

Edited July 16, 2020 by Throttle2

[Jamesc]

4 hours ago, Lala81 said:

after initial defensiveness, have to look at where your other fingers/thumb is pointing at lor.

Best is try to analyse the situation as an imaginary outsider. 

Most people never get pass the initial defensiveness.

[Spurman]

Ground sentiments on construction firms is worrisome. Esp those who many fws. Haiz.

Now no more levies rebates. Say avg each worker 700dollar levy.

50 workers is 35k liao. Plus salary need pay. Plus dorm fees need pay  plus makan. And many still cant work. So fsr prob 30 40percent work can start.

 

Haiz. Many sure to close sadly.

[Throttle2]

2 minutes ago, Spurman said:

Ground sentiments on construction firms is worrisome. Esp those who many fws. Haiz.

Now no more levies rebates. Say avg each worker 700dollar levy.

50 workers is 35k liao. Plus salary need pay. Plus dorm fees need pay  plus makan. And many still cant work. So fsr prob 30 40percent work can start.

 

Haiz. Many sure to close sadly.

Confirm, lose big big.

[Voodooman]

2 hours ago, Atonchia said:

MBS already 1st to cut some position very early on right? 

https://www.tnp.sg/news/singapore/mbs-not-renewing-contracts-some-foreign-employees

Early report was for small number of contractual staff. With RWS cutting 30%, it is unavoidable at MBS.   Anyway, the casino are dependent on tourists and travel won't resume for at least another 6 months, so it is impossible to keep everyone.

[Yewheng]

4 hours ago, Flying_genie said:

From my source working at RWS, another round of retrenchment at RWS next week. 

What already retrench 3k workers and next week still got 2nd round? OMG.. 

[Yewheng]

1 hour ago, Spurman said:

Ground sentiments on construction firms is worrisome. Esp those who many fws. Haiz.

Now no more levies rebates. Say avg each worker 700dollar levy.

50 workers is 35k liao. Plus salary need pay. Plus dorm fees need pay  plus makan. And many still cant work. So fsr prob 30 40percent work can start.

 

Haiz. Many sure to close sadly.

Actually government should really reduce FW levy.. The levy cost is one of the huge burden to construction companies.. 

[Volvobrick]

32 minutes ago, Yewheng said:

Actually government should really reduce FW levy.. The levy cost is one of the huge burden to construction companies.. 

There are about 300k FW in construction sector alone, that's 2.5 bn a year in levies at 700 per month.  So increase GST to maybe 15% to cover the gap? Or road tax? Or perhaps Water Levy? I certainly won't want to pay more for construction companies to make more profits at my expense. Do you? 

[Yewheng]

5 minutes ago, Volvobrick said:

There are about 300k FW in construction sector alone, that's 2.5 bn a year in levies at 700 per month.  So increase GST to maybe 15% to cover the gap? Or road tax? Or perhaps Water Levy? I certainly won't want to pay more for construction companies to make more profits at my expense. Do you? 

Reduce government spending to cover the shortfall.. There are really a lot of things that government can reduce spending on.. Just need to keep a constant lookout on where can the spending be cut.. They sure will be able to find one easily..

 

If really too much of the money that need to cover up.. Then not completely remove FW levy.. But reduce.. Like say can reduce to 500? 400 or 300 per month?

Edited July 16, 2020 by Yewheng

[Mockngbrd]

Not jo teo fault hor, no need say sorry. 

[Voodooman]

33 minutes ago, Yewheng said:

Reduce government spending to cover the shortfall.. There are really a lot of things that government can reduce spending on.. Just need to keep a constant lookout on where can the spending be cut.. They sure will be able to find one easily..

 

If really too much of the money that need to cover up.. Then not completely remove FW levy.. But reduce.. Like say can reduce to 500? 400 or 300 per month?

Huh.. G to reduce spending at a time the private sector can't spend and invest? You want to see a really hard landing? 

You should go read up on the great depression and how the world got out of it... From Roosevelt's new deal to the massive deficit of WW2.  

Of course, some money printing helps too.

[Playtime]

2 hours ago, Yewheng said:

Reduce government spending to cover the shortfall.. There are really a lot of things that government can reduce spending on.. Just need to keep a constant lookout on where can the spending be cut.. They sure will be able to find one easily..

 

If really too much of the money that need to cover up.. Then not completely remove FW levy.. But reduce.. Like say can reduce to 500? 400 or 300 per month?

Heard got a Jedi temple thingy.... perhaps scrap it... cos heard the Yoda himself didnt want it.🤣

[Angcheek]

2 hours ago, Yewheng said:

Reduce government spending to cover the shortfall.. There are really a lot of things that government can reduce spending on.. Just need to keep a constant lookout on where can the spending be cut.. They sure will be able to find one easily..

 

If really too much of the money that need to cover up.. Then not completely remove FW levy.. But reduce.. Like say can reduce to 500? 400 or 300 per month?

when market is bad ... gov spending is necessary to keep all going .  But SGA should be reduced and spending goes to where is the question 😁

 

[Angcheek]

Market can going get worst in Q3 ... many more bad news will come . 

 

[Yewheng]

2 hours ago, Angcheek said:

when market is bad ... gov spending is necessary to keep all going .  But SGA should be reduced and spending goes to where is the question 😁

 

Why always government spending is the solution? Why? Be it good or bad economy. Government need to be prudent.. Yes government can spend more money to help when economy is bad.. Government already took out a lot of money to help out the businesses during circuit breaker lao hor. Now is everyone to tighten the wallet including government and let's tide over all together. 

 

Not say cannot.. Like say for example.. If someone now propose hey think need to renovate the office building since this building already 5yrs no renovate. Be it good or bad times, must always ask the question. Is it necessarily? Can't have alternative? How much is the cost? And etc questions. All these questions do not change be it good or bad economy for government spending. So if let's say in normal good economy, 5 yrs and want to renovate? And is no.. Then it will be no difference when economy is bad, 5 yrs and renovate? No. 

 

Government spending if good surpluses yes okay. But if no surpluses and still want to anyhow spend? Government already took out a lot of money to help during the circult breaker lao hor. Big government spending must also complement with big surplus. For next 1 Yr government will have big surpluses? 

Edited July 16, 2020 by Yewheng

[Wind30]

4 hours ago, Voodooman said:

Huh.. G to reduce spending at a time the private sector can't spend and invest? You want to see a really hard landing? 

You should go read up on the great depression and how the world got out of it... From Roosevelt's new deal to the massive deficit of WW2.  

Of course, some money printing helps too.

... actually getting out of this is not difficult... as the cause of it is err pretty OBVIOUS...

"LOCKDOWN"

 

I said months ago, lockdown is just something the stupid people use to stop Covid.

If you look around us, there are still people wearing masks without covering nose... not following safe distancing measures. We just need to as a population do as much as we can to prevent the spread of Covid WITHOUT locking down....

Sometimes I wonder if I should tell of the stupid Aunties standing beside me wearing her mask below her nose....

[Yewheng]

5 hours ago, Voodooman said:

Huh.. G to reduce spending at a time the private sector can't spend and invest? You want to see a really hard landing? 

You should go read up on the great depression and how the world got out of it... From Roosevelt's new deal to the massive deficit of WW2.  

Of course, some money printing helps too.

Everyone one to tighten the wallet. No choice..