They also offered recommendations on managing excess manpower. In the first two quarters of this year, there have already been almost 10,000 retrenchments. Privacy policy. Some 77 per cent in this sector are Singaporean workers, but more than half of the retrenchments could involve foreign workers. SINGAPORE: It was painful but ... (COVID-19), in the central business district, in Singapore, April 7, 2020. S$4 billion of loan moratorium to individuals have been approved to date, mostly for home loans. Relief Provided for Employees Whose Livelihoods Are Affected. Singapore has announced the recipients of its much-prized digital bank licences. Maybank and DBS economists interviewed by the mainstream media have predicted that “circuit-breaker” measures in place for at least four weeks will decimate jobs. While manufacturing saw an increase from 720 retrenchments in the first quarter to 1,600 in the second, services saw a corresponding increase from 2,360 to 4,600. However, the pandemic has dealt a fresh blow to the gig economy, said the economists. If the measures are extended, the retrenchment numbers for the year “may be a bit lower” than her initial prediction of 65,000, she added. Capturing market share from these behemoths in … Retirement Plan As set out in the Tripartite Advisory on Managing Excess Manpower and Responsible Retrenchment(referred to as the “Advisory” in this article), the selection of employees for retrenchment should be based on objective criteria and conducted in a fair manner. One month of circuit-breaker measures is estimated to cost Singapore’s economy roughly S$10 billion, or 2 per cent of the GDP in 2019. Retrenchment benefits. If you like what you read, follow us on Facebook, Instagram, Twitter and Telegram to get the latest updates. The COVID-19 pandemic has pushed Singapore into an economic slump, putting jobs at risk and causing retrenchments to rise. I’m not saying you should not put your money in bank accounts or investments, but striking a balance is crucial. However, the economic environment continues to be challenging. It employs more than 2,100 staff in Singapore, though there are no news of any layoffs yet. There were 10,690 retrenchments in the whole of 2019, the Manpower Ministry’s labour market report showed in March 2020. They require a historic drawdown of S$21 billion from Singapore’s past reserves. | Our mission is to promote sustained non-inflationary economic growth, and a sound and progressive financial centre. The Singlife Account is an insurance savings plan that offers insurance coverage. It was named as the best private bank from 2011 to 2016 by Global Finance and by Asian Private Banker. Enhanced hygiene and precautionary measures within office premises and branches. Deutsche Bank AG Image Credit: Bloomberg. Check out top news from Singapore and around the world. Retrenchment must … | They also offered recommendations on managing excess manpower. Responsible retrenchment. Under the JSS, which is scheduled to cease this month barring any extension, the Singapore government will co-fund between 25 per cent and 75 per cent of the first S$4,600 (RM14,071.07) of an employee’s gross monthly wages, with three main payouts in April, July and October. Who is eligible. While the overall outlook remains bleak, economists have identified several industries that would be safe amid the pandemic. Recent Comments. For instance, the recent increase in demand in retail, F&B and entertainment sectors may not last if the economy continues to dive further, and people begin to tighten their belts again. COVID-19 Care Package for all employees. 2020 could see the worst recession in the whole of Singapore's existence as a nation. You can read the report on CNA for all the details. Responsible retrenchment. As more sectors re-open gradually, we will have to evolve and taper the support provided.”. Singapore's banking industry is heavily consolidated around the three main Singapore banks. | Employers should consider alternatives such as redeployment and temporary layoffs. In Q1, there were 3,220 retrenchments. From an initial projection that the GDP will shrink between 4 and 7 per cent, MTI downgraded its forecast to a contraction of between 5 and 7 per cent this year. The 1997 Asian financial crisis resulted in around 30,000 jobs disappearing. 2020 will be a major bloodletting exercise. Offered targeted support to all retail and corporate clients across the … Ship finance bounces back after Deutsche Bank retrenchment. There are also IT company with set up similar to one of the biggest local bank here. E mployees in Singapore who have been retrenched must understand what they ought to do when they are faced with r etrenchment. It has been estimated by local economists that retrenchments in Singapore in 2020 could be between 45,000 to 200,000, which would be a record. In Singapore’s annual wage guidelines announced yesterday (30 March), the NWC called on employers to conduct retrenchment exercises in a responsible manner. “I think (retrenchments) are likely to increase and whether we get a surge depends on whether policymakers extend or enhance some of the current policy support,” she said. “Naturally, many outlet staff were quite upset, as they were already on no-pay leave, and were waiting for the circuit breaker to end so that they could resume working.”. Although the government has extended the Jobs Support Scheme till March 2021, it looks like retrenchments are still going to be around for a while in Singapore. The predictions are out: Singapore could see between 150,000 and 200,000 retrenchments this Covid-19 season as circuit breaker measures have kicked in from April 7 until May 4. 6 November 2020. “We should extend the JSS, but take a more targeted approach where the extension is only for certain industries that are worst hit,” Seah said. “Ultimately it is the survival of the fittest, and the fittest are the ones who are able to adapt and grow,” Seah said. If you’ve ever wanted to shoot your shot at being an influencer, now’s your chance. No retrenchment after merger of associate banks with SBI: Government 10 Aug, 2018, 06.55 PM IST. Singapore Citizens or Permanent Residents, aged 16 years and above, who are presently involuntarily unemployed due to retrenchment or contract termination, or presently on involuntary no-pay leave (NPL) for at least three consecutive months, or presently experiencing reduced total monthly salary of at least 30% for at least … The latest official government 2020 gross domestic product (GDP) forecast range is -4 to -1 per cent for the year. Bank accounts give safety and liquidity, but that’s about it. April 08, 2020, 07:25 PM. This is in line with the Ministry of Manpower’s recent retrenchment advisory. After a successful release and a merger underway, this is a chance for us at Singlife to spend the time to relook, regroup and refresh the Singlife experience and offering. MAS is the central bank of Singapore. Share this post. Enjoy returns of up to 2.5% p.a. Of course, the first step to be taken after one has been retrenched is that of conducting a job search. ... 4 Best Whole Life Insurance Plans Singapore 2020 (Updated Nov 2020) July 2, 2019 48733 views. We Are Hiring In 2019, this had grown marginally to 211,000, making up 8.8 per cent of the country’s labour force. Oil tanker Suez Canal transits drop 27% Y-o-Y in October. Unemployment Rate in Singapore averaged 2.44 percent from 1986 until 2020, reaching an all time high of 6 percent in the first quarter of 1986 and a record low of 1.40 percent in the … Mar - May 2020, May - Jul 2020) • Experiencing reduced monthly salary of at least 30% for a period of at least 3 consecutive months (e.g. He says that while the jobless rate has edged up, the “pace of deterioration is moderating”, as policy measures on creating jobs and preventing job losses have been gathering momentum. A Straits Times report also said that back in July 2015, the Royal Bank of Scotland trimmed its presence here in Singapore, laying off “hundreds” of people. Looking back at 2020 with 20/20 by The Fifth Person; Buy these REITs as Singapore eases Covid measures further, says major Asian bank by CNBC; Recession and Retrenchment – You are not alone by Sin Yee Tan; G.H.Y Culture & Media Holding Co., Limited – Balloting Results by Urban Carmel Singapore, as one of the world’s most open economies, is not immune to this. SINGAPORE, Aug 15 — In May, Nicholas (not his real name), 27, received an email from the food and beverage (F&B) company where he was employed as a quality control officer. If you are retrenched and remain unemployed for at least 4 months, we will pay you a retrenchment benefit for a period of 3 months, up to S$10,000. Retrenchments rose by 108 per cent to 6,700 between April and June, compared with 3,220 in the first three months of the year, according to advance estimates from the Ministry of Manpower (MOM) in July. Mandatory notifications on cost-saving measures. When retrenchment is forced on a business, management teams should treat their affected colleagues with human dignity and respect. Another month of extension of the circuit breakers could see a negative 8 per cent full-year GDP growth. In Singapore’s annual wage guidelines announced yesterday (30 March), the NWC called on employers to conduct retrenchment exercises in a responsible manner. Web design by Yu Sheng & Yu Siang. | Daniel (not his real name), a 26-year-old who was retrenched in February from an online travel agency, has also been working part time at security firm Certis, where he helps to call persons under quarantine to check on their details. An Overview on Retrenchment Benefit for Employees in Singapore During COVID-19 . Many gig workers such as freelance performers, artists, tour guides, and private-hire drivers, have seen a drastic drop in their incomes or job opportunities drying up. The 2008 to 2009 global financial crisis saw around 40,000 retrenchments. The retail trade industry shed 8,000 workers, while food and beverage services saw a plunge of 22,900. ... 4 Best Whole Life Insurance Plans Singapore 2020 (Updated Nov 2020) July 2, 2019 48733 views. Almost all the retrenched workers whom TODAY interviewed have yet to find full-time employment, with some working part-time to get by. The MOM’s advance estimates for the second quarter of this year showed that both manufacturing and services sectors registered a sharp increase in retrenchments. Fall in Singapore's total employment and retrenchment improves in 3Q2020. The bank had 237,685 full-time employees at the end of June 2019, according to its 2019 interim report. The damage could all count towards the worst recession on record since independence in 1965. Best Retirement Plan for SRS & Retrenchment Payout Benefit – Manulife RetireReady Plus II * Replaced RetireReady Plus 09/04/2020. The Ministry of Trade and Industry (MTI) on Aug 11 said that the Singapore economy shrunk 13.2 per cent in the second quarter of the year compared with the same period last year, as the country enters its worst recession since independence. This bad news prediction comes despite the government’s three stimulus packages meant to prop up a bruised and battered economy. Terms apply. “One of the reasons I looked for a job so early is because I don’t want to place my bets on finding a job while living on the money from the retrenchment package,” said Frederick, who has a two-year-old son. Majority of workforce on work from home arrangements in Singapore, Malaysia and Indonesia. The two digital full bank (DFB) licences go to a consortium between Grab and major Asian telco Singtel, and Sea, a consumer-based internet firm covering Southeast Asia and Taiwan. The severity of the crisis also means that sectors which are seeing a temporary rebound — after Singapore and other countries reopened their economies — are by no means immune to layoffs. For Singapore Citizens and PRs: $15,300 For Foreigners : $35,700 SRS contributions made on or after 1 Jan 2017 are still subjected to a cap on the overall personal income tax relief of $80,000 per Year of Assessment from Year of Assessment 2018. Unemployment Rate in Singapore increased to 3.60 percent in the third quarter of 2020 from 2.80 percent in the second quarter of 2020. Alternatives to retrenchment. Retrenchment must always be the very last option for a business after exhausting all others. Singapore government will continue to support workers and businesses, Covid-19 Support Grant and the Courage Fund, Cheras LHDN branch to resume operations tomorrow, Glove maker Laglove ordered to close Kajang plant for Covid violations after HR minister sees workers’ living conditions, US stocks open lower on UK Covid-19 spike despite US stimulus. While more layoffs could be expected, especially from the hard-hit industries, the number may be lower than what some experts had earlier expected. Summary Table: Retrenchment Retrenchment refers to the termination of permanent employees due to redundancy and early termination of term contract employees due to redundancy. Amid the current economic slump brought on by the Covid-19 pandemic, many workers are being let go abruptly and for some like Nicholas, in a seemingly insensitive manner. “The CEO did not even leave a word via WhatsApp,” said Nicholas. Maybank economists have predicted a 6 per cent negative growth. Banks face two major risks in 2021, says CEO of Singapore’s largest bank DBS Published Mon, Dec 7 2020 1:18 AM EST Updated Fri, Dec 11 2020 … SINGAPORE - A recession in Singapore "appears inevitable", said DBS Bank as it now sees the economy shrinking by 0.5 per cent this year, instead of the 0.9 per cent growth it forecast last month. DBS Bank senior economist Irvin Seah, who forecasted in April that there might be 45,600 retrenchments by the end of the year, said that the retrenchments figures are likely to be mitigated by the Singapore government’s job support measures. And if you’re doing your own investments, it also takes up your time and resources. Income $80,000: Business Expenses $15,000 - Deductible Business Expenses $5,000 - Non-Deductible Business Expenses $10,000 Income Subject to Tax ("Taxable Income") There is also no retrenchment in Singapore and companies will avoid such a term. All rights reserved. RETRENCHMENTS in Singapore could hit 45,600 this year with the economy in a "deep and protracted recession", as the country toils at containing the spread of the novel coronavirus with an extended "circuit breaker", a report from DBS Bank suggested on Monday. Noel Quinn, HSBC’s interim chief … Overcoming Retrenchment as an Employee in Singapore . New jobs and in-demand skillsets were discussed at the Digital Banking Symposium 2020 today, organised by the Banking and Financial Services Union - BFSU and Singapore Fintech Association, which saw more than 1,300 participants. They include entertainment and recreational services, as well as industries dealing with big-ticket items such as cars and real estate. COVID-19 Support Grant Target beneficiaries and eligibility criteria. Retrenchments in Singapore could hit 45,600 this year with the economy in a "deep and protracted recession", as the country toils at containing the spread of the novel coronavirus with an extended "circuit breaker", a report from DBS Bank suggested on Monday. “I don’t think S$120 a week is enough to get by, (but) I have savings to fall back on,” she said. In Singapore, all personal financing facilities are now under Singapore Covid-19 Relief Programme. The 29-year-old has gone for 10 interviews so far but has yet to be offered a job. ... based on the mandatory retrenchment notifications filed up until Mar 30. Here are tips to help you better interact with the statistics However, other industries will need to grow and adapt to the uncertainties ahead rather than wait for government support, the economists cautioned. This means the current economic crisis is expected to last 24 months, said Seah. The Tripartite Advisory on Managing Excess Manpower and Responsible Retrenchment was updated in March 2020 in light of the negative impact on the global economy the COVID-19 pandemic has had. The unemployment rate in Singapore raised to around 4.38 percent in 2020 from 4.11 percent in the year before. The services sector includes industries such as retail, F&B, hotels, transport services, and recreation. Link to post Share on other sites. Get more information about JOB CUTS at straitstimes.com. While there was relatively little news of major retrenchment exercises in Singapore in the first few months of the pandemic, the end of the circuit breaker period saw several companies — mostly from the badly impacted services sector — making headlines with their layoff announcements. SINGAPORE, April 9 — With the “circuit-breaker” measures in place for at least four weeks, one bank has said that the number of retrenchments this year could fall between 150,000 and 200,000, … COVID-19 Support Grant: • Singapore Citizens or PRs aged 16 years and above • U nemployed due to retrenchment/contract termination as a result of COVID-19 (after 23 Jan 2020) • Involuntary NPL for a period of at least 3 consecutive months (e.g. Employers must notify MOM within 1 week for any cost-saving measures that affects employees’ salaries. Data on retrenchment are useful in monitoring the impact of an economic downturn or restructuring on workers and in identifying industries which are re-structuring or ailing. ... 15 December 2020. probunkers requests license for LNG bunkering in Port of Singapore. Writing on Facebook earlier this week, Heng gave the assurance that the Singapore government will continue to provide targeted support to sectors that are hardest hit, including helping them “pivot to new opportunities” in growth areas. On Monday, Deputy Prime Minister Heng Swee Keat is slated to make a ministerial statement to provide details on how the Singapore government will continue to support workers and businesses. Bank of Singapore: Bank of Singapore is the subsidiary of OCBC; but as a subsidiary, it’s still huge. Looking for a fresh start? The total assets acquired by the bank are $115.94 billion at the end of April 2017. find out more While most of the retrenched workers interviewed started looking for jobs only after they received the pink slip, Frederick (not his real name), a senior technician from the aerospace industry, said that he began looking for alternative employment as early as March, before he was eventually retrenched in July. SINGAPORE — Jeremy Ho* (not his real name) began his job hunt even before receiving his retrenchment notice in June, having heard about impending job cuts at the bank where he had spent six years. He noted that any sector that depends on discretionary spending could see more retrenchments in the coming months. After being retrenched from a corporate role at a hotel in June, Alyssa (not her real name) has been applying “aggressively” for jobs. In comparison, the Asian Financial Crisis and the Global Financial Crisis both lasted about 18 to 19 months. Millions of Indonesian parents abandoned a measles vaccine in 2018 when it was declared haram. Singapore has seen over 50 years of major road projects, from the PIE to the North-South Corridor. Seeing the writing on the wall for his industry, he applied for various companies outside of the aerospace sector, such as in the biomedical and semiconductor fields. Download the Singlife App to sign up now and get a complimentary visa debit card! This involves taking into account the following non-exhaustive factors when conducting a retrenchment exer… Agreeing, OCBC bank economist Selena Ling — who had also predicted four months ago that retrenchments this year could hit 65,000 — said that aside from support such as the JSS, there have also been other “soft” measures in place that could help reduce layoffs, though it would be difficult to estimate a figure. DBS Bank senior economist Irvin Seah, who forecasted in April that there might be 45,600 retrenchments by the end of the year, said that the retrenchments figures are likely to be mitigated by the Singapore government’s job support measures. She is currently working part-time in sales planning at a small local trading company earning S$120 a week —  some 90 per cent lower than what she was earning from her previous job. Limited time offer – Retrenchment Coverage. Follow the latest news on retrenchment at TODAYonline. Employers must notify MOM within 1 week for any cost-saving measures that affects employees’ salaries. A copy of the revised advisory may be accessed here. Barclays in Singapore looks set to take at least a 15% share of the 1,000 global job cuts that the bank announced last month. The email from the human resources department said the firm was closing down, and he was retrenched with immediate effect. Investments give potentially higher interest but can fluctuate greatly. ... OCBC Bank's Head of Treasury Research and Strategy. Royal Bank of Scotland has also announced that they could be cutting as many as 80% of the jobs in its investment banking unit over the next four years. “There has also been a lot of moral suasion (by the authorities) that if companies really do need to lay off (workers), they should protect the Singaporean core,” she said. The Commonwealth Bank of Australia (ASX:CBA) full year result is just weeks away. Against this backdrop, PMEs, especially those in their 40s to 60s, have been significantly impacted. But Seah said it is hard to come up with an exact figure now “as the entire crisis is still continuing”. Goldman Sachs Contact us Maybank Kim Eng economist Chua Hak Bin noted that some gig economy workers, however, could still thrive during this time, such as those working in food delivery and those who can bring their expertise online, such as tuition teachers. Singapore’s financial services sector, companies and workers! Among this group, more than 80 per cent did gigs or contract work as their primary job. For those who have found themselves retrenched in 2020, or are currently unemployed and are looking for a job, securing employment in today’s climate will no doubt be tougher than in previous years. The service industry will be one of the most badly hit this time. One month of circuit-breaker measures is estimated to cost Singapore’s economy roughly S$10 billion, or 2 per cent of the GDP in 2019. Workforce retrenchment in Singapore is expected to hit record numbers as a result of economic disruption from the coronavirus (COVID-19) pandemic. The post Best Rewards Credit Cards In Singapore (2020) appeared first on SingSaver Blog - We … ... Edited November 21, 2020 by Ct3833. “If employment prospects continue to deteriorate, then it will have a second-order impact on domestic consumption and henceforth segments such as the F&B and retail sector,” said Seah. 10. | Deutsche Bank AG, a German global banking and financial services company headquartered in Frankfurt, is considering cutting as many as 8,000 jobs, which is about 25% of its workforce. 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