Speaking at an Assocham convention, Modi highlighted reforms spanning from the manufacturing … … 3. What happens if a retrenched employee accuses you of carrying out ‘unfair dismissals’? THE BUSINESS TIMES Opinion - Find Opinion News & Headlines, insight and analysis in Singapore, Asia-Pacific & global markets news at The Business Times. Retrenchment benefits are payments given to employees to compensate them for the loss of employment. Retrenchment in full swing in Singapore. Share. Trending. 25-Feb-2020. 198402668E. The author of the FAQ cites the Employment Act for the definition of a retrenchment. This is as labour numbers typically tail behind the economic growth cycle by one to two quarters, he says while referencing the republic’s latest GDP figures. Agri reforms have started benefiting farmers: Modi. CAAS and Thales establish joint aviation innovation research lab . Employment. Copyright© Mediacorp 2020. A string of negative news has been surfacing out of Honestbee’s hives around the world. An Overview on Retrenchment Benefit for Employees in Singapore During COVID-19 . New restaurants, cafés and menu updates to check out in Singapore including Restauraut Euphoria, 1-ATICO and more. In a parliamentary speech, Singapore’s Manpower Minister Josephine Teo broke down how the Ministry of Manpower … Read the latest Singapore news, courts and crime, social, politics, education, trending news and more. We will continue to monitor the situation and provide updates on any changes as soon as these are communicated to us. SINGAPORE - Retrenched Singapore Airlines (SIA) staff will receive one month of pay for every year of service, capped at 25 months, The Straits Times has learnt. THE BUSINESS TIMES Singapore economy - Find Singapore economy News & Headlines, insight and analysis in Singapore, Asia-Pacific & global markets news at The Business Times. A round-up of all the important things that happened today. Read more. Updated: Dec 19, 2020, 01.23 PM IST. An M1 spokesperson told Mothership that the retrenchment … retrenchment Blogs, Comments and Archive News on Economictimes.com. Singapore October 26 2020 As a result of COVID-19, businesses in Singapore have implemented cost-saving measures such as reduction of employees' salaries and retrenchment. Weekly insights into the world of startups. Go. News; News; The consequences of 'unfair' retrenchment practices in Singapore. All press releases. 07 December 2020. SINGAPORE, Aug 6 — In the past two weeks, two aerospace engineering firms here announced more than a hundred layoffs as part of cost-cutting measures due to the Covid-19 pandemic. Thread starter A Singaporean; Start date Apr 23, 2020; 1; 2; Next. 24-Sep-2019. SUTD and Thales collaborate to accelerate the development of smart aviation technologies. Featured news releases. Drama. Reporting Retrenchment Benefits An employer must also notify MOM of the retrenchment exercise, if the employer has at least 10 employees and retrenches 5 or more employees within any 6-month period. Who is eligible. This month, explore an exciting rooftop dining destination, a … The retrenchment exercise - which affects about 2,400 staff - is being conducted at the SIA Training Centre, near Changi Airport, for Singapore-based staff. Opinion. 2020 could see the worst recession in the whole of Singapore's existence as a nation. 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 second quarter of 1990. In an utterly puzzling move by Singapore Airlines, it was announced that SIA would bring over 24 Indian pilots from Vistara Airlines to help meet its manpower needs and to provide Vistara pilots experience flying long haul flights. According to advanced estimates forecast on July 29, there would be 9,920 layoffs in the first half of the year. Business sector generally upbeat in next six months till March 2021 1 of 2 Go to page. MARKETS. All you need to know to start your day, right in your inbox. Print Twitter LinkedIn. BY Nurhuda Syed 20 Oct 2020. Business insights about the fast-growing Asean market. He expects Singapore’s unemployment rate to hit 3.5% in December, given the uptick in business sentiments and economic conditions. News; News; Retrenchment checklist: 10 ways to keep it a 'fair' exercise. Follow the latest news and comprehensive coverage on RETRENCHMENT at CNA. Live Coronavirus latest news: Relaxed Christmas rules could cause 'tsunami' of cases, nursing chief says By Global Health Security Team 18 Dec 2020, … 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 second quarter of 1990. From 16 March 2020, 2359 hours, any Singapore foreign employees (on work passes, In-Principle Approval, Dependant's Passes or Long-Term Visit Pass holders) and their dependants who have transited at or travelled to prescribed COVID-19 areas within the last 14 days are required to obtain the MOM's approval before they can enter Singapore. Notify MOM of retrenchment. The U.S. dollar-Singapore dollar exchange rate is forecast at 1.3400 for end-2020, down from 1.3700 projected previously. SINGAPORE, Aug 6 — In the past two weeks, two aerospace engineering firms here announced more than a hundred layoffs as part of cost-cutting measures due to the Covid-19 pandemic. This service is not intended for persons residing in the EU. This article discusses some of the viewpoints set out in the FAQ published in the Straits Times on 23 August 2020 on the subject "What happens if you are retrenched?" How bad is the retrenchment situation in Singapore, and how much worse it will get Saturday, 15 Aug 2020 02:43 PM MYT Even as retrenchment figures rise, the official numbers may still not capture the full picture since they do not include firms with fewer than 25 employees or affected workers in the gig economy, economists told TODAY. Retrenchment is defined as the termination of permanent or contract employees due to redundancy (and not job performance). Issued on 20 May 2020. The year 2020 has taught us many things but one message really resonated — the call to be confident, passionate, and committed to being true to one’s self. (Photo: Getty Images) SINGAPORE — From the novel coronavirus situation in Singapore and politics across the Causeway, to President-elect Joe Biden’s electoral win over incumbent Donald Trump in the US – here are the top 10 news events and personalities that … The coronavirus pandemic and the extended lockdown has had a clear impact on South African companies, with various government bodies reporting an increase in retrenchment and insolvencies. Singapore Airlines kicks off retrenchment exercise; affected staff to be paid until Dec. 15 . Keep up to date with the Singapore Tech News, Stories, and Community Insights from Asia's Tech Ecosystem SINGAPORE — A number of StarHub staff were left in shock, and tears, at the telco’s headquarters in Ubi this week, as they received news that they had been retrenched from their jobs. It is mandatory for employers with at least 10 employees who have retrenched 5 or more employees within any 6-month period to notify MOM of the retrenchment exercise. Have you read these stories? Opinion. Aerospace manufacturer Pratt & Whitney and its majority-owned unit Eagle Services Asia were the latest … Latest Singapore news: Breaking news, top stories on courts, crime, housing, property, health, transport, jobs and education on CNA, as well as videos and features. Commentary. Share. A Singaporean Alfrescian. Have you addressed these areas? ... M1 retrenched 50 Singapore employees in February 2020, according to an official statement. For further queries, please contact: Ministry of Manpower Online enquiry www.mom.gov.sg Singapore National Employers Federation (SNEF) Industrial and Workplace Relations ALL NEWS; WEEKLY; BREAKING; TODAY'S PAPER; LIFESTYLE; OPINION; … Get the Latest Singapore News from Tech In Asia. Sleepless nights for SABC employees amid retrenchments 26 November 2020, 6:31 PM. The updated second-quarter decline will bring GDP contraction in the first half of 2020 to 6.7 per cent year on year, worse than the earlier estimate of a 6.45 per cent drop. Singapore’s emergence from the Covid-19 shock is gathering pace, but that isn’t boosting the nation’s equity benchmark. © 2020 SINGAPORE PRESS HOLDINGS LTD. REGN NO. This brought the total number of retrenchments in the first half of 2020 to 11,350, said MOM on its report. 10 out of Tue, Dec 15, 2020. Retrenchment In Singapore. Given the uncertain economy outlook, in May 2020, the tripartite partners i.e. This latest budget comes after the government committed to S$6.4 billion (US$4.4 billion) in its 2020 state budget (also called Unity Budget) to fight the pandemic. × Hello, your email is unverified. JOB CUTS News - Find latest News & top stories about JOB CUTS. Those with less than 2 years’ service could be granted an ex-gratia payment out of goodwill. Things To Eat. M1 retrenched 50 Singapore employees in February 2020, according to an official statement. ... Latest News. COVID-19: Labour movement urges firms to protect Singaporean workers | Video, Retrenched workers cut expenses, take on temporary jobs | Video, Retrenchments in Singapore spike in first half of the year, surpassing SARS peak: MOM | Video, Retrenched workers face challenges upskilling in search for jobs amid COVID-19 | Video, Only a quarter of BP's 10,000 job cuts to be voluntary, Retrenchment benefits law does not guarantee better outcomes for employees: Josephine Teo, Cathay Pacific pilots push for seat at table for restructuring talks, Airbus CEO: We can't guarantee no compulsory layoffs, SIA crew recount 'sad day' when airline announced retrenchment exercise, Retrenchments in Singapore spike in first half of the year, surpassing SARS peak: MOM. Summary of retrenchment, layoff and job cut news in Singapore and Asia 2020, and how to know if your industry is affected September 15, 2020. Times are tough and the company is considering a retrenchment exercise – how can you help keep the process sensitive and fair for everyone? 30 results, {{pagination.index.feedback}} The Singapore Democratic Party (SDP) launched its General Elections (GE) campaign on 28 April 2020. retrenchment Blogs, Comments and Archive News on Economictimes.com. 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. Hello, your email is unverified. Singapore News - The number of retrenchments rose in the first quarter of this year, with the majority of those retrenched being 40 years old and above. Apart from unhappy customers in certain markets, they seem to also be facing some unhappy partners in Taiwan. HRD finds out how the Ministry of Manpower handles employee complaints BY Nurhuda Syed 04 Nov 2020. SINGAPORE, Dec. 9 (Xinhua) -- The Monetary Authority of Singapore (MAS) announced in a report on Wednesday that economists and analysts polled in the Survey of Professional Forecasters expect Singapore's gross domestic product (GDP) to decline by 6 percent in 2020. More than 17 million people visited Singapore in the first 11 months of 2019. retrenchment Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. The Straits Times/Asia News Network / 01:36 PM September 15, 2020. Introduced in February 2020, the budget focused on providing short-term financial support for businesses and families impacted by the outbreak. The Covid19 pandemic has changed Singapore's politico-socio-economic landscape, so the SDP has drawn up 5 focus points to deal with these changes in the immediate and long-terms. meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners, Displaying 1 of In the latest Ministry of Manpower (MOM)’s labour market report released on Monday (14 September), it revealed that the retrenchment more than doubled to 8,130 in the second quarter of 2020 from the first quarter figure of 3,220.. Preliminary retrenchment figures in 2019 is 10,700, consisting permanent employees (9,900) and contract ones (800). Despite the economic uncertainties due to the Covid-19 pandemic, the property market in Singapore is showing signs of revival with the third quarter of 2020 registering good sales. Today’s print edition of BT, delivered to your inbox. Please note that the information in this article is accurate as at 20 October 2020. 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. Retrenchment due to restructuring. ... 2020, 1:26 pm . The FAQ has generated much interest among Singapore HR practitioners on the subject, as companies are increasingly compelled to tighten their belts in the current downturn. South African Broadcasting Corporation (SABC) employees at the public broadcaster’s headquarters in Auckland Park, Johannesburg, say they are stressed due to uncertainties about their future amid the retrenchment … Please confirm for access to all your SPH accounts. Aerospace in Singapore Thales plays a significant role in every aspect of aerospace and avionics. Shaken by new coronavirus strain, world shuts the door on Britain, Brits rush to supermarkets ahead of Christmas as borders close, Malaysian glove maker denies its workers are living in shipping containers, Regulator clears way for use of Pfizer Covid-19 vaccine in Europe, Aramco to bring Google Cloud services to Saudi Arabia, Singapore property investment market likely to get 'shot in the arm' in 2021: CBRE, Singapore Airlines has spent S$7.1b of S$8.8b raised in rights issue. It is intended to provide general information only. This article is produced by our Singapore office, Bird & Bird ATMD LLP, and does not constitute legal advice. Amount of compensation. Skip to main content. The COVID-19 pandemic is an unprecedented crisis that has resulted in business difficulties for many employers as well as put jobs and employees’ livelihoods at risk. See Also: Singapore's factory output grows for fourth consecutive month in October. VERIFICATION EMAIL. Source: Ministry of Manpower. Apr 23, 2020 #1 200,000 jobs to be axed and only half will be foreigners. Affected workers from Suntec Singapore Convention & Exhibition Centre receiving support following the retrenchment exercise on Aug 27, 2020. premium content on your favourite platforms. PHOTO: The Straits Times RESEND VERIFICATION EMAIL. Workforce retrenchment in Singapore is expected to hit record numbers as a result of economic disruption from the coronavirus (COVID-19) pandemic. Then, consider the abilities of the staff, their skills, and how those are relevant to the business – in the short as well as long-term. Summary Table: Retrenchment Retrenchment refers to the termination of permanent employees due to redundancy and early termination of term contract employees due to redundancy. retrenchment Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. ... in its latest labour market report. "Is it really a retrenchment?" The exchange rate is forecast at 1.3150 for end-2021. 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