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More people are expected to be retrenched this year compared with the figure last year, as signs of an economic slowdown become more evident, Lim Swee Say said yesterday, in a report by the Straits Times. As demand slows, some companies are already putting their workers on a shorter work week, such as having them work only four days a week, the labour chief noted. But he stressed that the situation is nowhere close to the economic downturn of 2008. The newspaper reported that Mr Lim said the NTUC is keeping track on a weekly basis the number of workers who may be affected by potential retrenchments ahead of any slowdown in the economy. Speaking to reporters at the opening of the upgraded Bedok Community Centre, Mr Lim explained, "The NTUC, together with the WDA (Workforce Development Agency), is already working with some of the companies that are beginning to see the early signs of slowing down. We're working with them to send their workers - those on shorter work-weeks and some of their potential excess workers - to go on training before they take any action on retrenchment." His remarks came a day after Deputy Prime Minister Tharman Shanmugaratnam warned of rough times ahead for Singapore, given the 'very real possibility' of a severe slowdown of the global economy. He said any slowdown in the economy is not related to the size of the companies, but by the sector. He cited electronics, even though signs of a slowdown are not across the board in the sector. Mr Lim said: "Those in the electronics, like personal computers, are more affected, whereas those supplying parts and components to the automobile sector are less affected at the moment." However, Mr Lim said the retrenchment situation today is unlikely to be anywhere close to the numbers seen in 2008.And while the outlook remains uncertain, he said the labour movement is making necessary preparations so that when the time comes, it can launch them into action. At the same event, Mr Lim also said the review on CPF contributions will continue. This is because more Singaporeans are living and working longer. "When we call for this review of the CPF contributions, we're looking at it as a medium- to long-term structural issue. I think that will continue. Of course in terms of short-term, there'll be ups and downs," said Mr Lim. But he stressed that short-term fluctuations and longer-term structural issues should be kept separate.

Anybody experiencing the possibility of retrenchments within your company due to the financial meltdown? State your industry when replying....will be interesting to hear your replies. I'm in the telecoms industry but business as usual at the moment, suspect impact may it us in 2009.